Summit X LLC Increases Position in Invesco QQQ (NASDAQ:QQQ)

Summit X LLC increased its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,892 shares of the exchange traded fund's stock after acquiring an additional 491 shares during the period. Summit X LLC's holdings in Invesco QQQ were worth $3,231,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bridge Generations Wealth Management LLC bought a new stake in Invesco QQQ in the fourth quarter worth about $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Invesco QQQ in the fourth quarter worth approximately $36,000. Alpine Bank Wealth Management bought a new position in Invesco QQQ in the first quarter worth approximately $50,000. Westend Capital Management LLC bought a new position in Invesco QQQ in the first quarter worth approximately $51,000. Finally, Banque Transatlantique SA bought a new position in Invesco QQQ in the fourth quarter worth approximately $57,000. Hedge funds and other institutional investors own 44.58% of the company's stock.

Invesco QQQ Price Performance

NASDAQ QQQ traded down $0.99 on Friday, hitting $560.81. The stock had a trading volume of 23,245,687 shares, compared to its average volume of 39,443,454. The business's fifty day moving average price is $532.92 and its 200 day moving average price is $506.84. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $563.36.

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 $0.5911 dividend. This represents a $2.36 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend 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.