ProShares Short QQQ (NYSEARCA:PSQ) Trading Up 3.9% – Time to Buy?

Shares of ProShares Short QQQ (NYSEARCA:PSQ) shot up 3.9% on Monday . The company traded as high as $40.70 and last traded at $40.65. Approximately 4,918,502 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 4,826,231 shares. The stock had previously closed at $39.14.

ProShares Short QQQ Trading Up 3.8 %

The company has a 50-day moving average of $37.01 and a 200-day moving average of $38.40.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSQ. Spire Wealth Management purchased a new stake in shares of ProShares Short QQQ during the 4th quarter valued at $101,000. JPMorgan Chase & Co. increased its holdings in ProShares Short QQQ by 62.4% during the fourth quarter. JPMorgan Chase & Co. now owns 4,459 shares of the company’s stock worth $167,000 after buying an additional 1,713 shares during the last quarter. Auour Investments LLC bought a new stake in ProShares Short QQQ in the fourth quarter worth about $204,000. Intellectus Partners LLC purchased a new position in ProShares Short QQQ in the fourth quarter valued at about $206,000. Finally, Headlands Technologies LLC bought a new position in shares of ProShares Short QQQ during the 4th quarter valued at approximately $217,000.

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.