Invesco QQQ (NASDAQ:QQQ) Trading Down 1.6% – Time to Sell?

Invesco QQQ (NASDAQ:QQQ) shares dropped 1.6% during trading on Tuesday . The stock traded as low as $487.74 and last traded at $488.95. Approximately 25,350,689 shares changed hands during trading, a decline of 27% from the average daily volume of 34,797,086 shares. The stock had previously closed at $497.05.

Invesco QQQ Stock Performance

The stock has a fifty day simple moving average of $521.53 and a 200 day simple moving average of $503.73. The firm has a market cap of $312.32 billion, a P/E ratio of 33.43 and a beta of 1.11.

Invesco QQQ Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were issued a $0.8347 dividend. The ex-dividend date of this dividend was Monday, December 23rd.

Hedge Funds Weigh In On Invesco QQQ

Several hedge funds and other institutional investors have recently bought and sold shares of QQQ. Dogwood Wealth Management LLC grew its position in Invesco QQQ by 14.6% in the 4th quarter. Dogwood Wealth Management LLC now owns 15,389 shares of the exchange traded fund’s stock worth $7,867,000 after purchasing an additional 1,959 shares during the period. Buska Wealth Management LLC lifted its holdings in Invesco QQQ by 4.2% in the fourth quarter. Buska Wealth Management LLC now owns 31,282 shares of the exchange traded fund’s stock valued at $15,993,000 after acquiring an additional 1,247 shares during the period. Smith Shellnut Wilson LLC ADV boosted its position in Invesco QQQ by 4.7% in the fourth quarter. Smith Shellnut Wilson LLC ADV now owns 25,842 shares of the exchange traded fund’s stock worth $13,211,000 after purchasing an additional 1,162 shares during the last quarter. BridgePort Financial Solutions LLC bought a new stake in shares of Invesco QQQ during the 4th quarter valued at about $716,000. Finally, Park Square Financial Group LLC purchased a new stake in shares of Invesco QQQ during the 4th quarter valued at about $2,439,000. Institutional investors own 44.58% of the company’s stock.

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.