Invesco QQQ (NASDAQ:QQQ) Stock Price Down 0.1% – Here’s What Happened

Invesco QQQ (NASDAQ:QQQ)’s share price dropped 0.1% during trading on Wednesday . The stock traded as low as $487.57 and last traded at $490.53. Approximately 6,797,507 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 39,060,172 shares. The stock had previously closed at $490.85.

Invesco QQQ Stock Up 0.1 %

The firm has a fifty day simple moving average of $474.82 and a 200 day simple moving average of $464.10.

Invesco QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 23rd will be issued a $0.677 dividend. The ex-dividend date is Monday, September 23rd. This represents a $2.71 annualized dividend and a yield of 0.55%.

Hedge Funds Weigh In On Invesco QQQ

A number of hedge funds have recently modified their holdings of QQQ. Global Assets Advisory LLC acquired a new position in shares of Invesco QQQ in the 1st quarter worth approximately $1,580,776,000. Steel Grove Capital Advisors LLC increased its holdings in 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 valued at $1,525,067,000 after purchasing an additional 3,102,568 shares in the last quarter. Strategic Financial Concepts LLC boosted its stake in Invesco QQQ by 18,691.3% in the second 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 in the last quarter. Granite Bay Wealth Management LLC grew its holdings in shares of Invesco QQQ by 6,215.5% during the second quarter. Granite Bay Wealth Management LLC now owns 908,924 shares of the exchange traded fund’s stock worth $409,513,000 after purchasing an additional 894,532 shares during the last quarter. Finally, Harvard Management Co. Inc. acquired a new stake in shares of Invesco QQQ in the first quarter valued at $304,591,000. 44.58% of the stock is owned by institutional investors and hedge funds.

Invesco QQQ Company Profile

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.