Invesco QQQ (NASDAQ:QQQ) Trading Down 0.1% - Here's Why

Invesco QQQ (NASDAQ:QQQ - Get Free Report) dropped 0.1% during trading on Friday . The company traded as low as $486.20 and last traded at $487.83. Approximately 9,183,114 shares traded hands during trading, a decline of 75% from the average daily volume of 36,360,582 shares. The stock had previously closed at $488.29.

Invesco QQQ Trading Up 1.5%

The company has a market cap of $322.35 billion, a PE ratio of 30.62 and a beta of 1.18. The business has a 50 day simple moving average of $467.90 and a two-hundred day simple moving average of $499.45.

Invesco QQQ Cuts Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, April 30th. Stockholders of record on Monday, March 24th were paid a $0.7157 dividend. The ex-dividend date of this dividend was Monday, March 24th.

Hedge Funds Weigh In On Invesco QQQ

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its holdings in shares of Invesco QQQ by 141.0% during the third quarter. Principal Financial Group Inc. now owns 19,399 shares of the exchange traded fund's stock valued at $9,468,000 after purchasing an additional 11,351 shares during the last quarter. Synergy Investment Management LLC purchased a new position in shares of Invesco QQQ in the fourth quarter worth approximately $723,000. Grant Private Wealth Management Inc purchased a new position in shares of Invesco QQQ in the fourth quarter worth approximately $815,000. Tandem Investment Partners LLC purchased a new stake in shares of Invesco QQQ in the 4th quarter valued at approximately $4,623,000. Finally, Gemsstock Ltd. grew its position in Invesco QQQ by 266.4% during the 4th quarter. Gemsstock Ltd. now owns 293,500 shares of the exchange traded fund's stock worth $150,046,000 after purchasing an additional 213,400 shares in the last quarter. 44.58% of the stock is 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.