Invesco QQQ (NASDAQ:QQQ) Stock Price Down 1.6%

Invesco QQQ (NASDAQ:QQQ) traded down 1.6% on Tuesday . The stock traded as low as $478.57 and last traded at $480.42. 14,289,961 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 39,743,301 shares. The stock had previously closed at $488.07.

Invesco QQQ Stock Performance

The stock’s 50 day simple moving average is $468.22 and its 200-day simple moving average is $460.55.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 23rd will be paid a dividend of $0.677 per share. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a dividend yield of 0.56%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Sage Advisors LLC boosted its holdings in shares of Invesco QQQ by 7.0% in the second quarter. Sage Advisors LLC now owns 3,061 shares of the exchange traded fund’s stock valued at $1,467,000 after acquiring an additional 200 shares during the period. Alternative Investment Advisors LLC. acquired a new stake in Invesco QQQ during the 2nd quarter worth $443,000. Anchor Investment Management LLC grew its position in Invesco QQQ by 1.9% during the 2nd quarter. Anchor Investment Management LLC now owns 42,196 shares of the exchange traded fund’s stock worth $20,216,000 after purchasing an additional 786 shares during the last quarter. Newbridge Financial Services Group Inc. increased its stake in Invesco QQQ by 47.2% in the second quarter. Newbridge Financial Services Group Inc. now owns 9,966 shares of the exchange traded fund’s stock valued at $4,775,000 after purchasing an additional 3,196 shares during the period. Finally, Heritage Wealth Management Inc. purchased a new stake in shares of Invesco QQQ in the second quarter valued at about $290,000. Hedge funds and other institutional investors own 44.58% of the company’s stock.

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.