ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Down 5.1% – Should You Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) were down 5.1% during mid-day trading on Thursday . The stock traded as low as $43.16 and last traded at $42.9420. Approximately 24,583,315 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 58,660,777 shares. The stock had previously closed at $45.25.

ProShares UltraPro Short QQQ Trading Down 7.4%

The company has a fifty day simple moving average of $51.71 and a two-hundred day simple moving average of $63.67.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Institutional investors and hedge funds have recently modified their holdings of the company. Larson Financial Group LLC acquired a new position in shares of ProShares UltraPro Short QQQ during the fourth quarter worth $29,000. Parallel Advisors LLC grew its stake in shares of ProShares UltraPro Short QQQ by 104.0% during the first quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock worth $66,000 after purchasing an additional 415 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in shares of ProShares UltraPro Short QQQ during the fourth quarter worth $137,000. Osaic Holdings Inc. boosted its stake in ProShares UltraPro Short QQQ by 47.2% in 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 in the last quarter. Finally, Quantinno Capital Management LP acquired a new position in ProShares UltraPro Short QQQ in the first quarter valued at $201,000.

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.