ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Price Up 3.8% – Here’s Why

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares rose 3.8% during mid-day trading on Friday . The stock traded as high as $85.89 and last traded at $85.6480. Approximately 16,794,625 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 54,120,039 shares. The stock had previously closed at $82.50.

ProShares UltraPro Short QQQ Trading Up 6.0%

The stock’s 50 day simple moving average is $71.42 and its 200 day simple moving average is $71.48.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 25th will be given a dividend of $0.6384 per share. The ex-dividend date of this dividend is Wednesday, March 25th. This represents a $2.55 annualized dividend and a dividend yield of 2.9%.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

A number of hedge funds have recently bought and sold shares of SQQQ. Quadrature Capital Ltd bought a new stake in ProShares UltraPro Short QQQ in the third quarter valued at about $33,368,000. Q Fund Management Hong Kong Ltd bought a new position in ProShares UltraPro Short QQQ during the 2nd quarter worth approximately $11,051,000. TB Alternative Assets Ltd. bought a new position in ProShares UltraPro Short QQQ during the 3rd quarter worth approximately $8,394,000. Two Seas Capital LP acquired a new position in shares of ProShares UltraPro Short QQQ in the 2nd quarter worth approximately $9,785,000. Finally, Smithfield Trust Co grew its position in shares of ProShares UltraPro Short QQQ by 330.6% in the 3rd quarter. Smithfield Trust Co now owns 559,600 shares of the company’s stock worth $8,523,000 after acquiring an additional 429,640 shares in the last quarter.

About ProShares UltraPro Short QQQ

ProShares UltraPro Short QQQ (the Fund) seeks daily investment results, which corresponds to three times the inverse of the daily performance of the NASDAQ-100 Index (the Index). The Index includes 100 of the non-financial domestic and international issues listed on National Association of Securities Dealers Automated Quotation (NASDAQ) Stock Market. The Fund invests in derivatives. It also invests in short-term cash instruments, which have a remaining maturity of 397 days or less and exhibit high quality credit profiles.