Invesco QQQ (NASDAQ:QQQ) Shares Down 0.9% – Should You Sell?

Shares of Invesco QQQ (NASDAQ:QQQ) dropped 0.9% on Wednesday . The stock traded as low as $487.21 and last traded at $489.26. Approximately 9,133,632 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 34,779,924 shares. The stock had previously closed at $493.46.

Invesco QQQ Stock Performance

The company has a market capitalization of $302.10 billion, a PE ratio of 30.74 and a beta of 1.11. The stock has a 50 day moving average price of $509.49 and a two-hundred day moving average price of $504.67.

Invesco QQQ Cuts Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. SOA Wealth Advisors LLC. boosted its holdings in shares of Invesco QQQ by 0.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 17,369 shares of the exchange traded fund’s stock worth $8,477,000 after buying an additional 46 shares during the period. FMR LLC lifted its position in shares of Invesco QQQ by 1.7% during the 3rd quarter. FMR LLC now owns 778,065 shares of the exchange traded fund’s stock worth $379,751,000 after purchasing an additional 13,338 shares during the last quarter. Glenmede Trust Co. NA boosted its stake in Invesco QQQ by 13.7% during the 3rd quarter. Glenmede Trust Co. NA now owns 29,459 shares of the exchange traded fund’s stock valued at $14,378,000 after purchasing an additional 3,553 shares during the period. BNP Paribas acquired a new stake in Invesco QQQ in the 3rd quarter valued at approximately $62,000. Finally, Fiduciary Trust Co raised its stake in Invesco QQQ by 4.4% during the 3rd quarter. Fiduciary Trust Co now owns 5,508 shares of the exchange traded fund’s stock valued at $2,688,000 after purchasing an additional 230 shares during the last quarter. Institutional investors and hedge funds own 44.58% of the company’s stock.

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.