ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Here’s Why

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped down before the market opened on Thursday . The stock had previously closed at $75.14, but opened at $71.68. ProShares UltraPro Short QQQ shares last traded at $72.0130, with a volume of 10,598,103 shares trading hands.

ProShares UltraPro Short QQQ Price Performance

The firm has a 50-day moving average of $70.59 and a 200 day moving average of $84.51.

ProShares UltraPro Short QQQ Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Wednesday, September 24th were given a dividend of $1.2136 per share. This is an increase from ProShares UltraPro Short QQQ’s previous quarterly dividend of $0.26. The ex-dividend date was Wednesday, September 24th. This represents a $4.85 annualized dividend and a dividend yield of 7.0%.

Institutional Inflows and Outflows

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

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.