ProShares UltraPro QQQ (NASDAQ:TQQQ) Trading Down 8.2% – Should You Sell?

ProShares UltraPro QQQ (NASDAQ:TQQQ) shares dropped 8.2% on Friday . The company traded as low as $57.30 and last traded at $57.22. Approximately 70,119,967 shares were traded during mid-day trading, an increase of 24% from the average daily volume of 56,736,470 shares. The stock had previously closed at $62.30.

ProShares UltraPro QQQ Stock Performance

The firm has a market cap of $17.61 billion, a price-to-earnings ratio of 26.02 and a beta of 3.45. The firm has a fifty day simple moving average of $76.31 and a 200-day simple moving average of $76.89.

ProShares UltraPro QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Wednesday, March 26th will be issued a $0.1977 dividend. The ex-dividend date of this dividend is Wednesday, March 26th. This represents a $0.79 annualized dividend and a yield of 1.38%.

Institutional Investors Weigh In On ProShares UltraPro QQQ

A number of institutional investors have recently made changes to their positions in TQQQ. Oriental Harbor Investment Fund acquired a new stake in ProShares UltraPro QQQ during the 3rd quarter worth approximately $82,199,000. BNP Paribas Financial Markets acquired a new stake in shares of ProShares UltraPro QQQ during the third quarter worth $21,747,000. Tidal Investments LLC bought a new stake in shares of ProShares UltraPro QQQ in the third quarter valued at about $11,598,000. SBI Securities Co. Ltd. acquired a new position in shares of ProShares UltraPro QQQ in the fourth quarter valued at about $9,970,000. Finally, Finward Bancorp bought a new position in ProShares UltraPro QQQ during the fourth quarter worth about $8,775,000.

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.