Invesco QQQ (NASDAQ:QQQ) Trading Down 1.9% – Should You Sell?

Invesco QQQ (NASDAQ:QQQ) dropped 1.9% during mid-day trading on Wednesday . The company traded as low as $600.28 and last traded at $600.41. Approximately 69,416,466 shares traded hands during trading, an increase of 42% from the average daily volume of 48,916,590 shares. The stock had previously closed at $611.75.

Invesco QQQ Trading Down 1.9%

The company’s 50-day moving average is $613.84 and its 200 day moving average is $582.32.

Invesco QQQ Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Monday, September 22nd were given a dividend of $0.694 per share. This is a boost from Invesco QQQ’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, September 22nd. This represents a $2.78 dividend on an annualized basis and a dividend yield of 0.5%.

Hedge Funds Weigh In On Invesco QQQ

Large investors have recently bought and sold shares of the business. Amundi boosted its holdings in shares of Invesco QQQ by 6.3% during the first quarter. Amundi now owns 110,903 shares of the exchange traded fund’s stock valued at $49,980,000 after acquiring an additional 6,600 shares during the period. BCGM Wealth Management LLC lifted its position in Invesco QQQ by 13.6% in the 2nd quarter. BCGM Wealth Management LLC now owns 25,597 shares of the exchange traded fund’s stock valued at $14,120,000 after purchasing an additional 3,066 shares during the last quarter. Prospect Financial Services LLC lifted its position in Invesco QQQ by 9.1% in the 2nd quarter. Prospect Financial Services LLC now owns 11,765 shares of the exchange traded fund’s stock valued at $6,490,000 after purchasing an additional 986 shares during the last quarter. Wisconsin Wealth Advisors LLC boosted its stake in Invesco QQQ by 21.2% during the 2nd quarter. Wisconsin Wealth Advisors LLC now owns 6,747 shares of the exchange traded fund’s stock valued at $3,722,000 after purchasing an additional 1,179 shares during the period. Finally, Mayflower Financial Advisors LLC grew its position in Invesco QQQ by 17.5% in the 2nd quarter. Mayflower Financial Advisors LLC now owns 6,017 shares of the exchange traded fund’s stock worth $3,319,000 after purchasing an additional 895 shares during the last quarter. Institutional investors and hedge funds own 44.58% of the company’s stock.

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.