Invesco QQQ (NASDAQ:QQQ) Trading Down 1.9% – Here’s Why

Invesco QQQ (NASDAQ:QQQ)’s stock price fell 1.9% during mid-day trading on Friday . The stock traded as low as $498.35 and last traded at $498.82. 13,864,062 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 38,084,063 shares. The stock had previously closed at $508.69.

Invesco QQQ Stock Down 2.4 %

The business has a 50 day simple moving average of $489.33 and a 200-day simple moving average of $474.11.

Invesco QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were given a dividend of $0.677 per share. This represents a $2.71 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Monday, September 23rd.

Hedge Funds Weigh In On Invesco QQQ

Several institutional investors and hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC grew its position in Invesco QQQ by 46,491.6% in the third quarter. International Assets Investment Management LLC now owns 32,586,150 shares of the exchange traded fund’s stock worth $15,904,322,000 after acquiring an additional 32,516,210 shares during the period. Steel Grove Capital Advisors LLC grew its holdings in shares of Invesco QQQ by 934.0% during the 1st quarter. Steel Grove Capital Advisors LLC now owns 3,434,759 shares of the exchange traded fund’s stock worth $1,525,067,000 after purchasing an additional 3,102,568 shares during the period. Strategic Financial Concepts LLC increased its position in shares of Invesco QQQ by 18,691.3% during the 2nd quarter. Strategic Financial Concepts LLC now owns 2,777,351 shares of the exchange traded fund’s stock worth $13,307,000 after purchasing an additional 2,762,571 shares during the last quarter. Granite Bay Wealth Management LLC raised its holdings in Invesco QQQ by 6,215.5% in the 2nd quarter. Granite Bay Wealth Management LLC now owns 908,924 shares of the exchange traded fund’s stock valued at $409,513,000 after buying an additional 894,532 shares during the period. Finally, Harvard Management Co. Inc. acquired a new position in Invesco QQQ in the first quarter valued at about $304,591,000. 44.58% of the stock is currently owned by institutional investors and hedge funds.

About Invesco QQQ

PowerShares QQQ Trust, Series 1 is a unit investment trust that issues securities called Nasdaq-100 Index Tracking Stock. The Trust’s investment objective is to provide investment results that generally correspond to the price and yield performance of the Nasdaq-100 Index. The Trust provides investors with the opportunity to purchase units of beneficial interest in the Trust representing proportionate undivided interests in the portfolio of securities held by the Trust, which consists of substantially all of the securities, in substantially the same weighting, as the component securities of the Nasdaq-100 Index.