Invesco QQQ (NASDAQ:QQQ) Trading 1% Higher – Here’s What Happened

Shares of Invesco QQQ (NASDAQ:QQQ) shot up 1% during mid-day trading on Tuesday . The stock traded as high as $491.61 and last traded at $491.05. 5,914,401 shares were traded during mid-day trading, a decline of 85% from the average session volume of 38,412,383 shares. The stock had previously closed at $486.01.

Invesco QQQ Stock Performance

The company has a 50 day simple moving average of $483.00 and a 200 day simple moving average of $470.34.

Invesco QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd were issued a $0.677 dividend. The ex-dividend date was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a dividend yield of 0.53%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. New Covenant Trust Company N.A. acquired a new stake in Invesco QQQ during the 1st quarter worth approximately $28,000. Mechanics Financial Corp acquired a new stake in shares of Invesco QQQ in the second quarter valued at about $30,000. Chelsea Counsel Co. purchased a new stake in shares of Invesco QQQ during the 1st quarter valued at about $40,000. CGC Financial Services LLC boosted its holdings in Invesco QQQ by 736.4% in the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after acquiring an additional 81 shares during the period. Finally, CarsonAllaria Wealth Management Ltd. grew its position in Invesco QQQ by 30.4% in the first quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund’s stock valued at $46,000 after acquiring an additional 24 shares in the last quarter. Institutional investors and hedge funds own 44.58% of the company’s stock.

Invesco QQQ Company Profile

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.