Invesco QQQ (NASDAQ:QQQ) Trading 1.5% Higher – Still a Buy?

Invesco QQQ (NASDAQ:QQQ) shot up 1.5% on Wednesday . The stock traded as high as $528.52 and last traded at $528.19. 9,604,970 shares changed hands during trading, a decline of 74% from the average session volume of 37,197,199 shares. The stock had previously closed at $520.60.

Invesco QQQ Price Performance

The firm has a 50 day moving average price of $502.92 and a 200-day moving average price of $483.29.

Invesco QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were paid a $0.677 dividend. The ex-dividend date was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a yield of 0.51%.

Hedge Funds Weigh In On Invesco QQQ

Large investors have recently bought and sold shares of the business. International Assets Investment Management LLC lifted its stake in Invesco QQQ by 46,491.6% during the third quarter. International Assets Investment Management LLC now owns 32,586,150 shares of the exchange traded fund’s stock worth $15,904,322,000 after purchasing an additional 32,516,210 shares during the last quarter. Strategic Financial Concepts LLC boosted its holdings in shares of Invesco QQQ by 18,691.3% in the 2nd quarter. Strategic Financial Concepts LLC now owns 2,777,351 shares of the exchange traded fund’s stock valued at $13,307,000 after buying an additional 2,762,571 shares in the last quarter. Granite Bay Wealth Management LLC raised its stake in Invesco QQQ by 6,215.5% during the 2nd quarter. Granite Bay Wealth Management LLC now owns 908,924 shares of the exchange traded fund’s stock worth $409,513,000 after acquiring an additional 894,532 shares in the last quarter. Toronto Dominion Bank lifted its position in Invesco QQQ by 13.0% in the third quarter. Toronto Dominion Bank now owns 4,261,790 shares of the exchange traded fund’s stock valued at $2,080,052,000 after acquiring an additional 488,815 shares during the last quarter. Finally, Mirae Asset Securities USA Inc. acquired a new position in Invesco QQQ in the second quarter valued at $215,600,000. Hedge funds and other 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.