Invesco QQQ (NASDAQ:QQQ) Shares Down 3.5% - Time to Sell?

Key Points

• Invesco QQQ's stock price fell by 3.5% during trading, reaching a low of $589.05, following a significant increase in trading volume by 99% compared to its average volume.
• The company has announced a quarterly dividend increase from $0.59 to $0.694 per share, with a yield of 0.5%, to be paid on October 31st.
• Several large investors have increased their holdings in Invesco QQQ, indicating continued interest from institutional investors, who currently own 44.58% of the stock.

Invesco QQQ (NASDAQ:QQQ - )'s stock price traded down 3.5% during trading on Friday . The stock traded as low as $589.05 and last traded at $589.55. 92,105,902 shares were traded during mid-day trading, an increase of 99% from the average session volume of 46,246,535 shares. The stock had previously closed at $610.70.

Invesco QQQ Price Performance

The stock's 50-day simple moving average is $583.17 and its 200 day simple moving average is $535.28.

Invesco QQQ Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 22nd will be given a dividend of $0.694 per share. This is a positive change from Invesco QQQ's previous quarterly dividend of $0.59. The ex-dividend date is Monday, September 22nd. This represents a $2.78 annualized dividend and a yield of 0.5%.

Hedge Funds Weigh In On Invesco QQQ

A number of large investors have recently modified their holdings of QQQ. Brighton Jones LLC lifted its position in Invesco QQQ by 15.0% during the 4th quarter. Brighton Jones LLC now owns 38,348 shares of the exchange traded fund's stock valued at $19,605,000 after purchasing an additional 4,989 shares during the period. Revolve Wealth Partners LLC lifted its holdings in Invesco QQQ by 3.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,257 shares of the exchange traded fund's stock valued at $2,687,000 after buying an additional 176 shares during the period. Wealth Group Ltd. lifted its holdings in Invesco QQQ by 305.2% in the first quarter. Wealth Group Ltd. now owns 6,419 shares of the exchange traded fund's stock valued at $3,010,000 after buying an additional 4,835 shares during the period. GAMMA Investing LLC lifted its holdings in Invesco QQQ by 19.2% in the first quarter. GAMMA Investing LLC now owns 3,992 shares of the exchange traded fund's stock valued at $1,872,000 after buying an additional 643 shares during the period. Finally, Trueblood Wealth Management LLC lifted its holdings in Invesco QQQ by 16.6% in the first quarter. Trueblood Wealth Management LLC now owns 737 shares of the exchange traded fund's stock valued at $346,000 after buying an additional 105 shares during the period. 44.58% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.