ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading Down 3.3% – Here’s Why

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s share price were down 3.3% during mid-day trading on Friday . The company traded as low as $13.93 and last traded at $13.93. Approximately 36,834,968 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 98,188,586 shares. The stock had previously closed at $14.40.

ProShares UltraPro Short QQQ Stock Performance

The stock’s 50 day simple moving average is $16.15 and its two-hundred day simple moving average is $21.30.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Wednesday, September 24th were given a $0.2427 dividend. This represents a $0.97 annualized dividend and a dividend yield of 7.0%. The ex-dividend date of this dividend was Wednesday, September 24th.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Q Fund Management Hong Kong Ltd purchased a new position in shares of ProShares UltraPro Short QQQ in the 2nd quarter worth about $11,051,000. TB Alternative Assets Ltd. acquired a new stake in ProShares UltraPro Short QQQ during the 3rd quarter worth approximately $8,394,000. Two Seas Capital LP purchased a new position in ProShares UltraPro Short QQQ in the second quarter valued at approximately $9,785,000. Squarepoint Ops LLC acquired a new position in ProShares UltraPro Short QQQ during the second quarter valued at approximately $6,504,000. Finally, Smithfield Trust Co grew its stake in ProShares UltraPro Short QQQ by 503.5% during the first quarter. Smithfield Trust Co now owns 272,200 shares of the company’s stock worth $10,436,000 after buying an additional 227,100 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.