Invesco QQQ (NASDAQ:QQQ) Stock Price Down 1.9% – Time to Sell?

Shares of Invesco QQQ (NASDAQ:QQQ) were down 1.9% during trading on Thursday . The stock traded as low as $486.46 and last traded at $487.01. Approximately 10,059,420 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 38,512,809 shares. The stock had previously closed at $496.38.

Invesco QQQ Stock Performance

The company’s 50 day moving average price is $481.47 and its 200 day moving average price is $468.04.

Invesco QQQ Cuts Dividend

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

Hedge Funds Weigh In On Invesco QQQ

A number of institutional investors have recently modified their holdings of QQQ. New Covenant Trust Company N.A. acquired a new stake in Invesco QQQ in the 1st quarter valued at approximately $28,000. Mechanics Financial Corp acquired a new position in Invesco QQQ during the 2nd quarter valued at $30,000. Chelsea Counsel Co. bought a new stake in Invesco QQQ in the 1st quarter valued at $40,000. CGC Financial Services LLC grew its position in Invesco QQQ by 736.4% in the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after purchasing an additional 81 shares during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. increased its holdings in shares of Invesco QQQ by 30.4% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund’s stock worth $46,000 after purchasing an additional 24 shares during the period. 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.