Invesco QQQ (NASDAQ:QQQ) Trading 1% Higher – Should You Buy?

Invesco QQQ (NASDAQ:QQQ)’s stock price shot up 1% on Tuesday . The company traded as high as $491.61 and last traded at $491.05. 5,914,401 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 38,412,383 shares. The stock had previously closed at $486.01.

Invesco QQQ Stock Performance

The stock has a 50-day moving average price of $483.00 and a 200-day moving average price of $470.34.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 23rd were issued a dividend of $0.677 per share. The ex-dividend date was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a dividend yield of 0.53%.

Institutional Investors Weigh In On Invesco QQQ

Several large investors have recently added to or reduced their stakes in QQQ. Cassaday & Co Wealth Management LLC increased its position in Invesco QQQ by 1.4% in the 3rd quarter. Cassaday & Co Wealth Management LLC now owns 36,579 shares of the exchange traded fund’s stock valued at $17,853,000 after acquiring an additional 503 shares during the period. Drive Wealth Management LLC grew its stake in shares of Invesco QQQ by 3.5% in the third quarter. Drive Wealth Management LLC now owns 1,556 shares of the exchange traded fund’s stock worth $761,000 after purchasing an additional 52 shares in the last quarter. Zevin Asset Management LLC raised its holdings in Invesco QQQ by 3.5% during the third quarter. Zevin Asset Management LLC now owns 1,652 shares of the exchange traded fund’s stock worth $806,000 after purchasing an additional 56 shares in the last quarter. Strengthening Families & Communities LLC raised its position in Invesco QQQ by 1.0% in the third quarter. Strengthening Families & Communities LLC now owns 21,131 shares of the exchange traded fund’s stock worth $10,313,000 after acquiring an additional 209 shares in the last quarter. Finally, Aviso Wealth Management boosted its holdings in Invesco QQQ by 537.1% during the third quarter. Aviso Wealth Management now owns 3,504 shares of the exchange traded fund’s stock worth $1,710,000 after buying an additional 2,954 shares in the last quarter. 44.58% of the stock is 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.