Invesco QQQ (NASDAQ:QQQ) Stock Price Up 0.9% – Still a Buy?

Invesco QQQ (NASDAQ:QQQ) shares shot up 0.9% during mid-day trading on Friday . The stock traded as high as $490.48 and last traded at $488.24. Approximately 10,780,917 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 38,517,203 shares. The stock had previously closed at $483.85.

Invesco QQQ Stock Performance

The business’s 50-day simple moving average is $481.65 and its 200 day simple moving average is $468.15.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were issued a dividend of $0.677 per share. This represents a $2.71 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend was Monday, September 23rd.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of QQQ. New Covenant Trust Company N.A. bought a new stake in Invesco QQQ in the 1st quarter worth $28,000. Mechanics Financial Corp bought a new stake in shares of Invesco QQQ in the second quarter worth about $30,000. Chelsea Counsel Co. purchased a new position in Invesco QQQ during the 1st quarter valued at about $40,000. CGC Financial Services LLC raised its position in Invesco QQQ by 736.4% during the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock valued at $44,000 after purchasing an additional 81 shares during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. lifted its holdings in Invesco QQQ by 30.4% in the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund’s stock worth $46,000 after buying an additional 24 shares during the period. Hedge funds and other institutional investors 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.