Invesco QQQ (NASDAQ:QQQ) Shares Down 0.5% – Should You Sell?

Shares of Invesco QQQ (NASDAQ:QQQ) dropped 0.5% during mid-day trading on Wednesday . The stock traded as low as $521.95 and last traded at $525.42. Approximately 10,590,920 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 30,835,242 shares. The stock had previously closed at $527.99.

Invesco QQQ Stock Performance

The company’s 50 day moving average price is $521.76 and its 200-day moving average price is $496.86.

Invesco QQQ Announces Dividend

The firm also recently declared a dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a $0.8347 dividend. The ex-dividend date was Monday, December 23rd.

Institutional Trading of Invesco QQQ

A number of institutional investors have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC increased its holdings in shares of Invesco QQQ by 0.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 136,665 shares of the exchange traded fund’s stock worth $70,420,000 after purchasing an additional 1,182 shares during the period. Sanctuary Wealth Management L.L.C. raised its holdings in shares of Invesco QQQ by 90.4% in the 4th quarter. Sanctuary Wealth Management L.L.C. now owns 16,317 shares of the exchange traded fund’s stock valued at $8,342,000 after acquiring an additional 7,747 shares in the last quarter. RWA Wealth Partners LLC boosted its position in shares of Invesco QQQ by 319.3% during the 4th quarter. RWA Wealth Partners LLC now owns 34,510 shares of the exchange traded fund’s stock valued at $17,643,000 after acquiring an additional 26,280 shares during the last quarter. BlueChip Wealth Advisors LLC grew its holdings in shares of Invesco QQQ by 11.6% during the fourth quarter. BlueChip Wealth Advisors LLC now owns 11,828 shares of the exchange traded fund’s stock worth $6,048,000 after purchasing an additional 1,229 shares in the last quarter. Finally, Okabena Investment Services Inc. bought a new position in shares of Invesco QQQ in the fourth quarter worth approximately $1,550,000. Hedge funds and other institutional investors 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.