ProShares Ultra QQQ (NYSEARCA:QLD) Reaches New 1-Year High – Still a Buy?

ProShares Ultra QQQ (NYSEARCA:QLD)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $115.70 and last traded at $115.66, with a volume of 587690 shares. The stock had previously closed at $112.65.

ProShares Ultra QQQ Stock Performance

The firm has a market capitalization of $7.98 billion, a P/E ratio of 25.00 and a beta of 2.55. The company has a 50-day moving average price of $105.26 and a 200-day moving average price of $99.40.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Main Street Group LTD lifted its holdings in ProShares Ultra QQQ by 0.6% during the second quarter. Main Street Group LTD now owns 452,550 shares of the company’s stock worth $45,721,000 after acquiring an additional 2,810 shares in the last quarter. Clearstead Trust LLC lifted its holdings in ProShares Ultra QQQ by 1.7% during the second quarter. Clearstead Trust LLC now owns 370,857 shares of the company’s stock worth $37,015,000 after acquiring an additional 6,105 shares in the last quarter. Aveo Capital Partners LLC lifted its holdings in ProShares Ultra QQQ by 200.2% during the second quarter. Aveo Capital Partners LLC now owns 255,288 shares of the company’s stock worth $25,480,000 after acquiring an additional 170,254 shares in the last quarter. IMC Chicago LLC bought a new position in ProShares Ultra QQQ during the third quarter worth about $14,490,000. Finally, Westwood Wealth Management lifted its holdings in ProShares Ultra QQQ by 3.3% during the second quarter. Westwood Wealth Management now owns 129,010 shares of the company’s stock worth $12,876,000 after acquiring an additional 4,090 shares in the last quarter.

About ProShares Ultra QQQ

ProShares Ultra QQQ (the Fund), formerly Ultra QQQ ProShares, seeks daily investment results that correspond to twice the daily performance of the NASDAQ-100 Index. The NASDAQ-100 Index represents the largest non-financial domestic and international issues listed on The NASDAQ Stock Market. To be eligible for inclusion, companies cannot be in bankruptcy proceedings and must meet certain additional criteria, including minimum trading volume and seasoning requirements.