Invesco QQQ (NASDAQ:QQQ) Shares Down 0.5% - Here's Why

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s share price dropped 0.5% on Tuesday . The stock traded as low as $518.07 and last traded at $519.38. Approximately 11,542,991 shares changed hands during trading, a decline of 69% from the average daily volume of 36,786,175 shares. The stock had previously closed at $522.01.

Invesco QQQ Trading Down 0.9%

The firm's 50 day moving average is $474.84 and its two-hundred day moving average is $500.92. The firm has a market cap of $319.12 billion, a P/E ratio of 30.62 and a beta of 1.11.

Invesco QQQ Cuts Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Synergy Investment Management LLC bought a new position in Invesco QQQ in the fourth quarter valued at approximately $723,000. Grant Private Wealth Management Inc bought a new position in Invesco QQQ in the fourth quarter valued at approximately $815,000. Tandem Investment Partners LLC bought a new position in Invesco QQQ in the fourth quarter valued at approximately $4,623,000. Gemsstock Ltd. lifted its stake in Invesco QQQ by 266.4% in the fourth quarter. Gemsstock Ltd. now owns 293,500 shares of the exchange traded fund's stock valued at $150,046,000 after buying an additional 213,400 shares in the last quarter. Finally, Wescott Financial Advisory Group LLC lifted its stake in Invesco QQQ by 1.8% in the fourth quarter. Wescott Financial Advisory Group LLC now owns 146,844 shares of the exchange traded fund's stock valued at $75,071,000 after buying an additional 2,600 shares in the last quarter. Institutional investors own 44.58% of the company's stock.

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.