ProShares UltraPro QQQ (NASDAQ:TQQQ) Shares Gap Up – Still a Buy?

Shares of ProShares UltraPro QQQ (NASDAQ:TQQQ) gapped up before the market opened on Monday . The stock had previously closed at $58.97, but opened at $65.85. ProShares UltraPro QQQ shares last traded at $64.77, with a volume of 34,544,286 shares.

ProShares UltraPro QQQ Stock Performance

The stock has a 50-day moving average of $55.28 and a 200-day moving average of $72.46. The firm has a market cap of $25.51 billion, a price-to-earnings ratio of 27.46 and a beta of 3.45.

ProShares UltraPro QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Wednesday, March 26th were issued a dividend of $0.1977 per share. This represents a $0.79 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Wednesday, March 26th.

Institutional Investors Weigh In On ProShares UltraPro QQQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TQQQ. PayPay Securities Corp lifted its position in ProShares UltraPro QQQ by 119.3% in the fourth quarter. PayPay Securities Corp now owns 500 shares of the exchange traded fund’s stock valued at $40,000 after purchasing an additional 272 shares during the last quarter. MRP Capital Investments LLC bought a new stake in ProShares UltraPro QQQ in the 1st quarter worth approximately $29,000. Cary Street Partners Financial LLC purchased a new position in ProShares UltraPro QQQ during the 4th quarter valued at $47,000. Columbia River Financial Group LLC purchased a new stake in shares of ProShares UltraPro QQQ in the 1st quarter worth $47,000. Finally, Clear Investment Research LLC increased its position in ProShares UltraPro QQQ by 83.3% during the 4th quarter. Clear Investment Research LLC now owns 1,054 shares of the exchange traded fund’s stock valued at $83,000 after buying an additional 479 shares in the last quarter.

About ProShares UltraPro QQQ

Proshares UltraPro QQQ ETF (the Fund) seeks daily investment results, before fees and expenses that correspond to triple (300%) the daily performance of the NASDAQ-100 Index (the Index). The Fund invests in equity securities, derivatives, such as futures contracts, swap agreements, and money market instruments.