ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading 3% Higher After Dividend Announcement

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shot up 3% during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $34.30 and last traded at $34.53. 36,214,682 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 40,064,110 shares. The stock had previously closed at $33.52.

The newly announced dividend which will be paid on Tuesday, April 1st. Stockholders of record on Wednesday, March 26th will be issued a $0.4823 dividend. The ex-dividend date of this dividend is Wednesday, March 26th. This represents a $1.93 annualized dividend and a dividend yield of 5.04%.

ProShares UltraPro Short QQQ Stock Performance

The stock’s 50 day moving average price is $31.37 and its 200-day moving average price is $33.19.

Institutional Trading of ProShares UltraPro Short QQQ

Several hedge funds and other institutional investors have recently bought and sold shares of SQQQ. Capital Investment Advisory Services LLC bought a new position in shares of ProShares UltraPro Short QQQ in the 4th quarter worth $2,374,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in ProShares UltraPro Short QQQ in the fourth quarter valued at about $439,000. Compagnie Lombard Odier SCmA grew its stake in ProShares UltraPro Short QQQ by 3,357.5% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 16,596 shares of the company’s stock valued at $517,000 after purchasing an additional 16,116 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in ProShares UltraPro Short QQQ in the fourth quarter worth about $423,000. Finally, Ridgepath Capital Management LLC lifted its position in shares of ProShares UltraPro Short QQQ by 761.2% during the fourth quarter. Ridgepath Capital Management LLC now owns 103,348 shares of the company’s stock valued at $3,218,000 after buying an additional 91,348 shares during the last quarter.

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.