QID Stock Summary and Trading Ideas (ProShares Ultrashort QQQ | ARCA:QID)

ProShares UltraShort QQQ seeks daily investment results before fees and expenses that correspond to twice (200%) the inverse (opposite) of the daily performance of the NASDAQ-100 Index .

ProShares Ultrashort QQQ trades on the ARCA stock market under the symbol QID.

As of April 16, 2024, QID stock price climbed to $47.66 with 5,876,593 million shares trading.

QID has a beta of -2.40, meaning it tends to be less sensitive to market movements. QID has a correlation of 0.81 to the broad based SPY ETF.

QID has a market cap of $269.24 million. This is considered a Small Cap stock.

In the last 3 years, QID stock traded as high as $149.90 and as low as $43.60.

QID has underperformed the market in the last year with a return of -42.9%, while the SPY ETF gained +23.7%. In the last 3 month period, QID fell short of the market, returning -8.8%, while SPY returned +6.0%. However, in the most recent 2 weeks QID has outperformed the stock market by returning +6.7%, while SPY returned -3.6%.

QID support price is $46.52 and resistance is $48.78 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that QID stock will trade within this expected range on the day.