Invesco QQQ (NASDAQ:QQQ) Shares Up 1.4% – Still a Buy?

Invesco QQQ (NASDAQ:QQQ)’s share price shot up 1.4% during trading on Wednesday . The stock traded as high as $530.05 and last traded at $529.96. 17,558,215 shares changed hands during trading, a decline of 53% from the average session volume of 37,241,500 shares. The stock had previously closed at $522.87.

Invesco QQQ Price Performance

The stock has a 50 day moving average price of $508.53 and a two-hundred day moving average price of $487.51.

Invesco QQQ Announces Dividend

The business also recently disclosed a dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 23rd will be issued a $0.8347 dividend. The ex-dividend date is Monday, December 23rd.

Hedge Funds Weigh In On Invesco QQQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lantz Financial LLC bought a new position in shares of Invesco QQQ during the second quarter worth $214,000. Burney Co. increased its holdings in shares of Invesco QQQ by 18.8% in the second quarter. Burney Co. now owns 4,595 shares of the exchange traded fund’s stock worth $2,201,000 after acquiring an additional 728 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Invesco QQQ during the second quarter worth about $128,000. Members Trust Co bought a new position in shares of Invesco QQQ during the 2nd quarter valued at about $378,000. Finally, Nations Financial Group Inc. IA ADV grew its position in shares of Invesco QQQ by 6.5% in the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 45,484 shares of the exchange traded fund’s stock valued at $21,792,000 after purchasing an additional 2,757 shares during the period. 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.