Invesco QQQ (NASDAQ:QQQ) Trading Down 1.2% – Here’s Why

Invesco QQQ (NASDAQ:QQQ)’s share price fell 1.2% on Wednesday . The stock traded as low as $503.16 and last traded at $503.45. 7,577,617 shares changed hands during trading, a decline of 80% from the average session volume of 37,787,531 shares. The stock had previously closed at $509.31.

Invesco QQQ Price Performance

The stock’s 50 day moving average is $494.46 and its two-hundred day moving average is $478.12.

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 annualized dividend and a yield of 0.54%. The ex-dividend date was Monday, September 23rd.

Institutional Investors Weigh In On Invesco QQQ

Several large investors have recently modified their holdings of the business. New Covenant Trust Company N.A. acquired a new position in Invesco QQQ during the first quarter valued at approximately $28,000. Mechanics Financial Corp bought a new position in shares of Invesco QQQ in the second quarter valued at $30,000. Chelsea Counsel Co. acquired a new position in Invesco QQQ during the first quarter worth $40,000. CGC Financial Services LLC raised its position in Invesco QQQ by 736.4% during the second quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after acquiring an additional 81 shares in the last quarter. Finally, Legacy Bridge LLC lifted its stake in Invesco QQQ by 60.0% in the third quarter. Legacy Bridge LLC now owns 120 shares of the exchange traded fund’s stock valued at $59,000 after acquiring an additional 45 shares during the last quarter. 44.58% of the stock is currently owned by institutional investors.

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.