Invesco QQQ (NASDAQ:QQQ) Trading 0.7% Higher – Here’s Why

Invesco QQQ (NASDAQ:QQQ) rose 0.7% on Tuesday . The stock traded as high as $470.34 and last traded at $472.12. Approximately 13,451,417 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 35,058,642 shares. The stock had previously closed at $468.92.

Invesco QQQ Price Performance

The company’s fifty day moving average price is $507.38 and its 200-day moving average price is $505.32. The stock has a market cap of $298.92 billion, a price-to-earnings ratio of 30.05 and a beta of 1.18.

Invesco QQQ Cuts Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 24th will be issued a $0.7157 dividend. The ex-dividend date of this dividend is Monday, March 24th.

Institutional Trading of Invesco QQQ

Institutional investors and hedge funds have recently bought and sold shares of the business. Proficio Capital Partners LLC boosted its stake in shares of Invesco QQQ by 51,292.3% in the fourth quarter. Proficio Capital Partners LLC now owns 11,500,566 shares of the exchange traded fund’s stock worth $5,879,434,000 after buying an additional 11,478,188 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Invesco QQQ by 20.2% in the fourth quarter. Ameriprise Financial Inc. now owns 4,500,368 shares of the exchange traded fund’s stock valued at $2,300,993,000 after buying an additional 756,990 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Invesco QQQ by 13.0% during the 3rd quarter. Toronto Dominion Bank now owns 4,261,790 shares of the exchange traded fund’s stock worth $2,080,052,000 after buying an additional 488,815 shares during the period. Strategic Financial Concepts LLC grew its stake in Invesco QQQ by 47,853.9% in the 4th quarter. Strategic Financial Concepts LLC now owns 4,113,968 shares of the exchange traded fund’s stock valued at $2,103,184,000 after acquiring an additional 4,105,389 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Invesco QQQ by 0.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,116,706 shares of the exchange traded fund’s stock valued at $1,593,354,000 after purchasing an additional 27,115 shares in the last quarter. 44.58% of the stock is currently 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.