Financial Gravity Asset Management Inc. Takes $581,000 Position in Invesco QQQ (NASDAQ:QQQ)

Financial Gravity Asset Management Inc. purchased a new stake in Invesco QQQ (NASDAQ:QQQ - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,238 shares of the exchange traded fund's stock, valued at approximately $581,000.

Several other large investors have also modified their holdings of QQQ. Bridge Generations Wealth Management LLC acquired a new position in Invesco QQQ during the 4th quarter worth about $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Invesco QQQ during the 4th quarter worth about $36,000. Alpine Bank Wealth Management purchased a new stake in Invesco QQQ during the 1st quarter worth about $50,000. Westend Capital Management LLC acquired a new stake in Invesco QQQ in the 1st quarter valued at about $51,000. Finally, Banque Transatlantique SA purchased a new position in shares of Invesco QQQ in the 4th quarter valued at about $57,000. Institutional investors and hedge funds own 44.58% of the company's stock.

Invesco QQQ Stock Performance

Shares of QQQ traded down $0.80 during midday trading on Thursday, hitting $555.45. The company had a trading volume of 34,532,031 shares, compared to its average volume of 39,450,524. The company's 50-day simple moving average is $524.27 and its 200-day simple moving average is $505.52. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $557.63.

Invesco QQQ Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd will be paid a $0.5911 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Monday, June 23rd.

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.