Red Wave Investments LLC Has $17.20 Million Position in Invesco QQQ (NASDAQ:QQQ)

Red Wave Investments LLC trimmed its position in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 3.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,671 shares of the exchange traded fund's stock after selling 1,159 shares during the period. Invesco QQQ makes up approximately 6.2% of Red Wave Investments LLC's investment portfolio, making the stock its 3rd largest position. Red Wave Investments LLC's holdings in Invesco QQQ were worth $17,196,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Bridge Generations Wealth Management LLC acquired a new stake in shares of Invesco QQQ in the 4th quarter valued at approximately $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Invesco QQQ in the 4th quarter valued at approximately $36,000. Alpine Bank Wealth Management acquired a new stake in shares of Invesco QQQ in the 1st quarter valued at approximately $50,000. Westend Capital Management LLC acquired a new stake in shares of Invesco QQQ in the 1st quarter valued at approximately $51,000. Finally, Banque Transatlantique SA bought a new position in Invesco QQQ in the 4th quarter valued at approximately $57,000. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Invesco QQQ Stock Up 0.8%

NASDAQ QQQ traded up $4.51 during trading hours on Thursday, reaching $561.80. The company's stock had a trading volume of 40,157,109 shares, compared to its average volume of 39,499,059. The firm has a fifty day simple moving average of $532.92 and a 200-day simple moving average of $506.84. Invesco QQQ has a 52 week low of $402.39 and a 52 week high of $562.31.

Invesco QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd will be issued a dividend of $0.5911 per share. The ex-dividend date is Monday, June 23rd. This represents a $2.36 annualized dividend and a yield of 0.42%.

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.