Invesco QQQ (NASDAQ:QQQ) Trading Down 1.2% - Should You Sell?

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s share price fell 1.2% during mid-day trading on Tuesday . The stock traded as low as $546.81 and last traded at $544.93. 17,086,782 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 38,966,025 shares. The stock had previously closed at $551.64.

Invesco QQQ Stock Performance

The business has a 50 day simple moving average of $514.18 and a 200-day simple moving average of $504.17.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 23rd will be issued a dividend of $0.5911 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Monday, June 23rd.

Hedge Funds Weigh In On Invesco QQQ

Hedge funds have recently made changes to their positions in the business. Bridge Generations Wealth Management LLC purchased a new stake in shares of Invesco QQQ in the fourth quarter valued at $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Invesco QQQ during the 4th quarter worth about $36,000. Alpine Bank Wealth Management acquired a new position in shares of Invesco QQQ in the 1st quarter valued at about $50,000. Westend Capital Management LLC acquired a new position in shares of Invesco QQQ in the 1st quarter valued at about $51,000. Finally, Banque Transatlantique SA purchased a new stake in shares of Invesco QQQ in the fourth quarter worth approximately $57,000. Institutional investors and hedge funds 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.