ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading Down 4.1% – Time to Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares were down 4.1% during trading on Monday . The stock traded as low as $21.85 and last traded at $21.83. Approximately 23,120,027 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 61,128,974 shares. The stock had previously closed at $22.76.

ProShares UltraPro Short QQQ Stock Performance

The firm’s 50-day simple moving average is $28.93 and its 200 day simple moving average is $30.89.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Wednesday, March 26th were issued a dividend of $0.4823 per share. This represents a $1.93 dividend on an annualized basis and a dividend yield of 8.83%. The ex-dividend date of this dividend was Wednesday, March 26th.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in ProShares UltraPro Short QQQ in the fourth quarter worth approximately $2,922,000. DRW Securities LLC purchased a new stake in ProShares UltraPro Short QQQ during the fourth quarter valued at approximately $3,155,000. Raffles Associates LP purchased a new position in shares of ProShares UltraPro Short QQQ in the fourth quarter worth $623,000. SBI Securities Co. Ltd. purchased a new position in shares of ProShares UltraPro Short QQQ during the fourth quarter worth $423,000. Finally, Squarepoint Ops LLC acquired a new stake in ProShares UltraPro Short QQQ during the fourth quarter valued at $7,334,000.

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.