Invesco QQQ (NASDAQ:QQQ) Shares Up 0.2% – Here’s Why

Invesco QQQ (NASDAQ:QQQ)’s share price rose 0.2% on Wednesday . The company traded as high as $473.27 and last traded at $473.41. Approximately 10,239,114 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 35,056,552 shares. The stock had previously closed at $472.70.

Invesco QQQ Trading Up 1.1 %

The company has a fifty day moving average of $506.34 and a 200-day moving average of $505.30. The company has a market capitalization of $303.26 billion, a price-to-earnings ratio of 30.05 and a beta of 1.18.

Invesco QQQ Cuts Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in QQQ. PayPay Securities Corp raised its position in shares of Invesco QQQ by 276.9% in the fourth quarter. PayPay Securities Corp now owns 49 shares of the exchange traded fund’s stock valued at $25,000 after buying an additional 36 shares during the last quarter. Bridge Generations Wealth Management LLC purchased a new stake in Invesco QQQ during the 4th quarter valued at about $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Invesco QQQ in the 4th quarter valued at about $36,000. Roxbury Financial LLC purchased a new position in Invesco QQQ in the 4th quarter worth approximately $37,000. Finally, Hoese & Co LLP boosted its holdings in shares of Invesco QQQ by 32.3% during the 4th quarter. Hoese & Co LLP now owns 82 shares of the exchange traded fund’s stock worth $42,000 after purchasing an additional 20 shares during 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.