Invesco QQQ (NASDAQ:QQQ) Trading Down 3.5% – Should You Sell?

Invesco QQQ (NASDAQ:QQQ)’s share price dropped 3.5% on Friday . The stock traded as low as $426.10 and last traded at $434.77. Approximately 40,197,643 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 35,344,259 shares. The stock had previously closed at $450.66.

Invesco QQQ Trading Down 6.2 %

The company has a market cap of $268.12 billion, a price-to-earnings ratio of 30.05 and a beta of 1.18. The business has a fifty day moving average of $501.45 and a two-hundred day moving average of $504.58.

Invesco QQQ Cuts Dividend

The business also recently declared a dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 24th will be paid a $0.7157 dividend. The ex-dividend date is Monday, March 24th.

Hedge Funds Weigh In On Invesco QQQ

A number of large investors have recently added to or reduced their stakes in the stock. SOA Wealth Advisors LLC. raised its holdings in shares of Invesco QQQ by 0.3% during the third quarter. SOA Wealth Advisors LLC. now owns 17,369 shares of the exchange traded fund’s stock valued at $8,477,000 after acquiring an additional 46 shares during the last quarter. Weiss Asset Management LP purchased a new position in Invesco QQQ in the 3rd quarter valued at $1,659,000. Kovitz Investment Group Partners LLC boosted its stake in Invesco QQQ by 73.0% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 49,510 shares of the exchange traded fund’s stock worth $24,164,000 after purchasing an additional 20,884 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Invesco QQQ by 22.0% during the third quarter. EP Wealth Advisors LLC now owns 112,364 shares of the exchange traded fund’s stock worth $54,841,000 after buying an additional 20,290 shares in the last quarter. Finally, iA Global Asset Management Inc. raised its position in shares of Invesco QQQ by 3.9% in the third quarter. iA Global Asset Management Inc. now owns 211,385 shares of the exchange traded fund’s stock valued at $103,171,000 after buying an additional 7,868 shares during the last quarter. 44.58% of the stock is currently 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.