Invesco QQQ (NASDAQ:QQQ) Shares Up 3.2% - Here's Why

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s stock price traded up 3.2% on Monday . The stock traded as high as $507.06 and last traded at $503.53. 16,708,831 shares were traded during trading, a decline of 54% from the average session volume of 36,440,399 shares. The stock had previously closed at $487.97.

Invesco QQQ Stock Performance

The business has a 50-day moving average of $468.45 and a 200 day moving average of $499.56. The stock has a market cap of $324.45 billion, a PE ratio of 30.62 and a beta of 1.18.

Invesco QQQ Cuts Dividend

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

Hedge Funds Weigh In On Invesco QQQ

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in Invesco QQQ by 959.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund's stock worth $11,300,023,000 after buying an additional 21,823,765 shares in the last quarter. Proficio Capital Partners LLC raised its position in Invesco QQQ by 51,292.3% during the fourth quarter. Proficio Capital Partners LLC now owns 11,500,566 shares of the exchange traded fund's stock valued at $5,879,434,000 after buying an additional 11,478,188 shares during the period. Mullooly Asset Management Inc. purchased a new position in Invesco QQQ during the first quarter valued at approximately $2,775,904,000. Strategic Financial Concepts LLC boosted its position in Invesco QQQ by 47,853.9% during the fourth quarter. Strategic Financial Concepts LLC now owns 4,113,968 shares of the exchange traded fund's stock valued at $2,103,184,000 after purchasing an additional 4,105,389 shares during the last quarter. Finally, NWI Management LP raised its holdings in shares of Invesco QQQ by 121.6% during the 4th quarter. NWI Management LP now owns 648,000 shares of the exchange traded fund's stock valued at $331,277,000 after purchasing an additional 3,648,000 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

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.