ProShares Short QQQ (NYSEARCA:PSQ) Shares Up 1.6% – Still a Buy?

ProShares Short QQQ (NYSEARCA:PSQ)’s share price rose 1.6% during trading on Friday . The stock traded as high as $37.98 and last traded at $37.74. Approximately 4,990,332 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 5,596,029 shares. The stock had previously closed at $37.13.

ProShares Short QQQ Stock Performance

The stock has a 50 day moving average price of $37.60 and a 200 day moving average price of $39.62.

Hedge Funds Weigh In On ProShares Short QQQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. HBK Sorce Advisory LLC bought a new stake in shares of ProShares Short QQQ in the second quarter worth $202,000. HTLF Bank bought a new stake in shares of ProShares Short QQQ in the 3rd quarter valued at about $221,000. Joule Financial LLC bought a new stake in shares of ProShares Short QQQ in the 3rd quarter valued at about $234,000. Eastern Bank acquired a new stake in shares of ProShares Short QQQ in the third quarter valued at about $240,000. Finally, Resonant Capital Advisors LLC bought a new position in shares of ProShares Short QQQ during the third quarter worth about $248,000.

About ProShares Short QQQ

ProShares Short QQQ is focused on daily investment results that correspond to the inverse (opposite) of the daily performance of the NASDAQ-100 Index. The NASDAQ-100 Index represents non-financial domestic and international issues listed on The NASDAQ Stock Market. The Fund takes positions in financial instruments (including derivatives) that in combination should have similar daily return characteristics as the inverse of the NASDAQ-100 Index.