ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Time to Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped down before the market opened on Tuesday . The stock had previously closed at $41.50, but opened at $40.05. ProShares UltraPro Short QQQ shares last traded at $39.86, with a volume of 12,189,875 shares changing hands.

ProShares UltraPro Short QQQ Price Performance

The firm’s 50-day moving average is $61.08 and its 200-day moving average is $66.42.

Institutional Trading of ProShares UltraPro Short QQQ

Hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC bought a new stake in ProShares UltraPro Short QQQ in the fourth quarter worth $29,000. Parallel Advisors LLC raised its stake in shares of ProShares UltraPro Short QQQ by 105.4% during the third quarter. Parallel Advisors LLC now owns 1,992 shares of the company’s stock valued at $30,000 after acquiring an additional 1,022 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of ProShares UltraPro Short QQQ by 47.2% during the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock valued at $42,000 after acquiring an additional 696 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of ProShares UltraPro Short QQQ during the third quarter valued at about $63,000. Finally, Sunbelt Securities Inc. bought a new position in shares of ProShares UltraPro Short QQQ during the fourth quarter valued at about $137,000.

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.