ProShares Ultra QQQ (NYSEARCA:QLD) Hits New 12-Month High – Still a Buy?

Shares of ProShares Ultra QQQ (NYSEARCA:QLD) reached a new 52-week high on Wednesday . The company traded as high as $115.70 and last traded at $115.66, with a volume of 587690 shares trading hands. The stock had previously closed at $112.65.

ProShares Ultra QQQ Stock Performance

The stock has a market cap of $8.00 billion, a price-to-earnings ratio of 25.00 and a beta of 2.55. The company has a 50-day simple moving average of $105.98 and a two-hundred day simple moving average of $99.63.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of QLD. Oliver Lagore Vanvalin Investment Group increased its holdings in shares of 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 acquiring an additional 306 shares during the last quarter. WealthShield Partners LLC acquired a new position in shares of ProShares Ultra QQQ in the second quarter valued at $152,000. CWM LLC bought a new position in shares of ProShares Ultra QQQ in the second quarter valued at about $163,000. Tradition Wealth Management LLC acquired a new stake in shares of ProShares Ultra QQQ during the 3rd quarter worth about $207,000. Finally, Commonwealth Equity Services LLC bought a new stake in shares of ProShares Ultra QQQ during the 2nd quarter worth about $217,000.

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.