Elite Financial Inc. Invests $1.54 Million in Invesco QQQ (NASDAQ:QQQ)

Elite Financial Inc. purchased a new position in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,014 shares of the exchange traded fund's stock, valued at approximately $1,540,000. Invesco QQQ comprises about 0.8% of Elite Financial Inc.'s investment portfolio, making the stock its 17th largest position.

Several other hedge funds have also recently modified their holdings of the stock. Arcadia Wealth Management Inc. acquired a new stake in Invesco QQQ in the 4th quarter valued at about $1,488,000. Wood Tarver Financial Group LLC acquired a new stake in Invesco QQQ in the 4th quarter valued at about $193,000. TFR Capital LLC. acquired a new stake in Invesco QQQ in the 4th quarter valued at about $5,745,000. Plotkin Financial Advisors LLC raised its holdings in Invesco QQQ by 2.1% in the 4th quarter. Plotkin Financial Advisors LLC now owns 19,347 shares of the exchange traded fund's stock valued at $9,891,000 after acquiring an additional 407 shares during the last quarter. Finally, Financial Insights Inc. raised its holdings in Invesco QQQ by 2.8% in the 4th quarter. Financial Insights Inc. now owns 19,432 shares of the exchange traded fund's stock valued at $9,934,000 after acquiring an additional 536 shares during the last quarter. Institutional investors and hedge funds own 44.58% of the company's stock.

Invesco QQQ Trading Up 2.4%

QQQ stock traded up $11.98 during mid-day trading on Tuesday, reaching $521.22. The company's stock had a trading volume of 47,029,049 shares, compared to its average volume of 37,403,259. The stock has a market cap of $326.62 billion, a PE ratio of 30.62 and a beta of 1.11. Invesco QQQ has a fifty-two week low of $402.39 and a fifty-two week high of $540.81. The company's 50 day moving average is $476.24 and its two-hundred day moving average is $500.91.

Invesco QQQ Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Wednesday, April 30th. Shareholders of record on Monday, March 24th were issued a $0.7157 dividend. The ex-dividend date of this dividend was Monday, March 24th.

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.