Invesco QQQ (NASDAQ:QQQ) Trading 0.2% Higher – Still a Buy?

Invesco QQQ (NASDAQ:QQQ) shares shot up 0.2% during mid-day trading on Monday . The company traded as high as $511.45 and last traded at $507.04. 10,504,499 shares traded hands during trading, a decline of 72% from the average session volume of 37,902,047 shares. The stock had previously closed at $505.79.

Invesco QQQ Stock Up 0.2 %

The firm’s fifty day moving average price is $493.08 and its 200 day moving average price is $477.19.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were given a dividend of $0.677 per share. The ex-dividend date was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a yield of 0.53%.

Institutional Trading of Invesco QQQ

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. New Covenant Trust Company N.A. purchased a new stake in shares of Invesco QQQ during the 1st quarter worth about $28,000. Mechanics Financial Corp purchased a new position in Invesco QQQ during the second quarter worth approximately $30,000. Chelsea Counsel Co. acquired a new stake in Invesco QQQ in the first quarter valued at approximately $40,000. CGC Financial Services LLC increased its position in shares of Invesco QQQ by 736.4% in the second quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock valued at $44,000 after buying an additional 81 shares in the last quarter. Finally, Legacy Bridge LLC increased its position in shares of Invesco QQQ by 60.0% in the third quarter. Legacy Bridge LLC now owns 120 shares of the exchange traded fund’s stock valued at $59,000 after buying an additional 45 shares in the last quarter. 44.58% of the stock is owned by institutional investors and hedge funds.

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.