Invesco QQQ (NASDAQ:QQQ) Trading Up 1.5% – Here’s Why

Shares of 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 traded hands during mid-day 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 Stock Up 0.8 %

The company has a fifty day moving average price of $502.92 and a two-hundred day moving average price of $483.29.

Invesco QQQ Cuts Dividend

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

Hedge Funds Weigh In On Invesco QQQ

Several institutional investors have recently bought and sold shares of QQQ. Northeast Investment Management increased its position in Invesco QQQ by 0.6% during the third quarter. Northeast Investment Management now owns 3,476 shares of the exchange traded fund’s stock worth $1,697,000 after acquiring an additional 20 shares during the period. Planning Capital Management Corp increased its holdings in shares of Invesco QQQ by 7.1% during the 3rd quarter. Planning Capital Management Corp now owns 300 shares of the exchange traded fund’s stock worth $146,000 after purchasing an additional 20 shares during the period. Skyline Advisors Inc. raised its position in shares of Invesco QQQ by 5.0% during the third quarter. Skyline Advisors Inc. now owns 441 shares of the exchange traded fund’s stock valued at $215,000 after buying an additional 21 shares during the last quarter. Madden Advisory Services Inc. lifted its stake in shares of Invesco QQQ by 0.9% in the third quarter. Madden Advisory Services Inc. now owns 2,487 shares of the exchange traded fund’s stock valued at $1,214,000 after buying an additional 21 shares during the period. Finally, Meridian Management Co. grew its position in Invesco QQQ by 0.6% during the third quarter. Meridian Management Co. now owns 3,361 shares of the exchange traded fund’s stock worth $1,640,000 after buying an additional 21 shares in the last quarter. 44.58% of the stock is owned by institutional investors and hedge funds.

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.