Invesco QQQ (NASDAQ:QQQ) Trading 0.9% Higher – Still a Buy?

Invesco QQQ (NASDAQ:QQQ)’s share price traded up 0.9% during mid-day trading on Friday . The company traded as high as $490.48 and last traded at $488.24. 10,780,917 shares changed hands during trading, a decline of 72% from the average session volume of 38,517,203 shares. The stock had previously closed at $483.85.

Invesco QQQ Price Performance

The company’s fifty day simple moving average is $481.65 and its 200 day simple moving average is $468.15.

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 paid a $0.677 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Monday, September 23rd.

Institutional Investors Weigh In On Invesco QQQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QQQ. Westwood Holdings Group Inc. increased its stake in shares of Invesco QQQ by 14.1% in the 1st quarter. Westwood Holdings Group Inc. now owns 16,155 shares of the exchange traded fund’s stock worth $7,173,000 after acquiring an additional 1,993 shares in the last quarter. Socha Financial Group LLC increased its stake in shares of Invesco QQQ by 1.3% during the first quarter. Socha Financial Group LLC now owns 88,948 shares of the exchange traded fund’s stock valued at $39,494,000 after purchasing an additional 1,153 shares in the last quarter. Bank Hapoalim BM lifted its holdings in shares of Invesco QQQ by 5.5% during the third quarter. Bank Hapoalim BM now owns 121,397 shares of the exchange traded fund’s stock valued at $59,250,000 after purchasing an additional 6,347 shares during the last quarter. SVB Wealth LLC boosted its position in shares of Invesco QQQ by 15.2% in the 1st quarter. SVB Wealth LLC now owns 18,559 shares of the exchange traded fund’s stock worth $8,240,000 after purchasing an additional 2,453 shares in the last quarter. Finally, WFA Asset Management Corp grew its stake in shares of Invesco QQQ by 70.6% in the 1st quarter. WFA Asset Management Corp now owns 4,577 shares of the exchange traded fund’s stock worth $2,032,000 after buying an additional 1,894 shares during the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

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.