Invesco QQQ (NASDAQ:QQQ) Shares Down 0.2% – Should You Sell?

Invesco QQQ (NASDAQ:QQQ) dropped 0.2% on Monday . The company traded as low as $516.13 and last traded at $517.72. Approximately 8,224,292 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 37,227,469 shares. The stock had previously closed at $518.66.

Invesco QQQ Stock Performance

The stock has a fifty day simple moving average of $507.24 and a 200-day simple moving average of $486.46.

Institutional Trading of Invesco QQQ

Hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in shares of Invesco QQQ by 141.0% in the 3rd quarter. Principal Financial Group Inc. now owns 19,399 shares of the exchange traded fund’s stock valued at $9,468,000 after acquiring an additional 11,351 shares in the last quarter. 1ST Source Bank increased its position in shares of Invesco QQQ by 0.8% during the 3rd quarter. 1ST Source Bank now owns 4,738 shares of the exchange traded fund’s stock worth $2,312,000 after purchasing an additional 38 shares during the last quarter. Garden State Investment Advisory Services LLC increased its position in shares of Invesco QQQ by 13.1% during the 3rd quarter. Garden State Investment Advisory Services LLC now owns 30,990 shares of the exchange traded fund’s stock worth $15,169,000 after purchasing an additional 3,581 shares during the last quarter. Copley Financial Group Inc. bought a new stake in shares of Invesco QQQ during the 3rd quarter worth approximately $550,000. Finally, Little Harbor Advisors LLC boosted its holdings in shares of Invesco QQQ by 7.5% in the 3rd quarter. Little Harbor Advisors LLC now owns 18,787 shares of the exchange traded fund’s stock valued at $9,169,000 after buying an additional 1,316 shares during the last quarter. 44.58% of the stock is currently 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.