ProShares UltraShort QQQ (NYSEARCA:QID) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Shares of ProShares UltraShort QQQ (NYSEARCA:QID) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $34.10 and traded as high as $38.05. ProShares UltraShort QQQ shares last traded at $37.70, with a volume of 4,069,396 shares changing hands.

ProShares UltraShort QQQ Price Performance

The firm has a 50 day moving average price of $32.77 and a 200-day moving average price of $34.14.

Hedge Funds Weigh In On ProShares UltraShort QQQ

Institutional investors and hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. purchased a new position in ProShares UltraShort QQQ in the fourth quarter valued at approximately $38,000. JPMorgan Chase & Co. acquired a new stake in ProShares UltraShort QQQ during the 4th quarter worth $42,000. SBI Securities Co. Ltd. purchased a new stake in ProShares UltraShort QQQ in the fourth quarter valued at $53,000. Western Pacific Wealth Management LP acquired a new position in ProShares UltraShort QQQ in the fourth quarter valued at $65,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of ProShares UltraShort QQQ by 259,700.0% during the third quarter. BNP Paribas Financial Markets now owns 2,598 shares of the exchange traded fund’s stock worth $94,000 after purchasing an additional 2,597 shares during the last quarter.

About ProShares UltraShort QQQ

ProShares UltraShort QQQ (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of the NASDAQ-100 Index (the Index). The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization.