ProShares Ultra QQQ (NYSEARCA:QLD) Trading 16% Higher – Should You Buy?

ProShares Ultra QQQ (NYSEARCA:QLD) shares shot up 16% on Wednesday . The stock traded as high as $78.88 and last traded at $80.43. Approximately 7,241,856 shares traded hands during trading, an increase of 116% from the average daily volume of 3,345,077 shares. The stock had previously closed at $69.34.

ProShares Ultra QQQ Stock Performance

The business’s fifty day simple moving average is $100.38 and its 200-day simple moving average is $105.03. The company has a market capitalization of $6.24 billion, a P/E ratio of 27.52 and a beta of 2.36.

ProShares Ultra QQQ Cuts Dividend

The company also recently announced a dividend, which was paid on Tuesday, April 1st. Investors of record on Wednesday, March 26th were given a $0.0256 dividend. The ex-dividend date was Wednesday, March 26th.

Hedge Funds Weigh In On ProShares Ultra QQQ

Several institutional investors have recently bought and sold shares of QLD. Discipline Wealth Solutions LLC lifted its stake in shares of ProShares Ultra QQQ by 162.4% in the 4th quarter. Discipline Wealth Solutions LLC now owns 15,805 shares of the company’s stock valued at $1,711,000 after purchasing an additional 9,781 shares during the last quarter. Main Street Group LTD lifted its position in ProShares Ultra QQQ by 4.5% in the fourth quarter. Main Street Group LTD now owns 489,165 shares of the company’s stock worth $52,947,000 after buying an additional 20,918 shares during the last quarter. Ground Swell Capital LLC purchased a new position in ProShares Ultra QQQ during the fourth quarter worth $763,000. Focus Partners Wealth purchased a new position in ProShares Ultra QQQ during the fourth quarter worth $3,114,000. Finally, Cresset Asset Management LLC purchased a new stake in ProShares Ultra QQQ in the 4th quarter worth about $2,899,000.

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.