Invesco QQQ (NASDAQ:QQQ) Trading 1.5% Higher – Here’s Why

Invesco QQQ (NASDAQ:QQQ)’s share price shot up 1.5% during trading on Wednesday . The company traded as high as $528.52 and last traded at $528.19. 9,604,970 shares changed hands during trading, a decline of 74% from the average session volume of 37,197,199 shares. The stock had previously closed at $520.60.

Invesco QQQ Stock Performance

The business has a fifty day moving average of $501.06 and a 200 day moving average of $482.65.

Invesco QQQ Cuts Dividend

The company 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. The ex-dividend date was Monday, September 23rd. This represents a $2.71 annualized dividend and a yield of 0.51%.

Institutional Investors Weigh In On Invesco QQQ

A number of institutional investors have recently modified their holdings of QQQ. Mechanics Financial Corp purchased a new stake in shares of Invesco QQQ during the second quarter valued at $30,000. CGC Financial Services LLC boosted its position in shares of Invesco QQQ by 736.4% during the second quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock valued at $44,000 after buying an additional 81 shares during the last quarter. Legacy Bridge LLC boosted its position in shares of Invesco QQQ by 60.0% during the third quarter. Legacy Bridge LLC now owns 120 shares of the exchange traded fund’s stock valued at $59,000 after buying an additional 45 shares during the last quarter. BNP Paribas bought a new position in Invesco QQQ in the third quarter valued at about $62,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its holdings in Invesco QQQ by 27.2% in the second quarter. CarsonAllaria Wealth Management Ltd. now owns 131 shares of the exchange traded fund’s stock valued at $63,000 after acquiring an additional 28 shares during the period. 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.