ProShares Ultra QQQ (NYSEARCA:QLD) Sees Strong Trading Volume – Still a Buy?

Shares of ProShares Ultra QQQ (NYSEARCA:QLD) saw unusually-high trading volume on Wednesday . Approximately 9,689,681 shares traded hands during mid-day trading, an increase of 126% from the previous session’s volume of 4,284,017 shares.The stock last traded at $116.60 and had previously closed at $113.40.

ProShares Ultra QQQ Stock Performance

The stock has a market capitalization of $7.96 billion, a P/E ratio of 25.00 and a beta of 2.55. The firm’s fifty day simple moving average is $110.70 and its 200 day simple moving average is $102.42.

Institutional Investors Weigh In On ProShares Ultra QQQ

Several hedge funds and other institutional investors have recently made changes to their positions in QLD. Commonwealth Equity Services LLC bought a new stake in shares of ProShares Ultra QQQ during the 2nd quarter valued at approximately $217,000. Westwood Wealth Management boosted its position in ProShares Ultra QQQ by 3.3% during the 2nd quarter. Westwood Wealth Management now owns 129,010 shares of the company’s stock worth $12,876,000 after buying an additional 4,090 shares during the period. Oliver Lagore Vanvalin Investment Group boosted its position in ProShares Ultra QQQ by 36.5% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 1,144 shares of the company’s stock worth $114,000 after buying an additional 306 shares during the period. Creative Planning boosted its position in ProShares Ultra QQQ by 12.7% during the 2nd quarter. Creative Planning now owns 55,184 shares of the company’s stock worth $5,508,000 after buying an additional 6,223 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in ProShares Ultra QQQ by 76.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,054 shares of the company’s stock worth $305,000 after buying an additional 1,328 shares during the period.

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.