Invesco QQQ (NASDAQ:QQQ) Trading 1% Higher - What's Next?

Key Points

• Invesco QQQ's share price increased by 1% to $571.28, with a significant drop in trading volume down 61% from the average.
• The firm recently cut its quarterly dividend to $0.5911 per share, reflecting an annual yield of 0.4%.
• Institutional investors are actively adjusting their stakes, with some firms like Kingstone Capital Partners increasing their holdings by over 700,000% in the second quarter.

Invesco QQQ (NASDAQ:QQQ - )'s share price traded up 1% during mid-day trading on Wednesday . The company traded as high as $571.70 and last traded at $571.28. 17,324,521 shares were traded during trading, a decline of 61% from the average session volume of 44,881,844 shares. The stock had previously closed at $565.62.

Invesco QQQ Trading Up 0.3%

The stock's fifty day simple moving average is $563.53 and its 200-day simple moving average is $517.73.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd were issued a dividend of $0.5911 per share. The ex-dividend date was Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.4%.

Institutional Investors Weigh In On Invesco QQQ

A number of hedge funds have recently added to or reduced their stakes in the business. Kingstone Capital Partners Texas LLC increased its position in shares of Invesco QQQ by 704,593.7% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 67,615,365 shares of the exchange traded fund's stock valued at $37,299,340,000 after purchasing an additional 67,605,770 shares during the last quarter. 1832 Asset Management L.P. increased its position in shares of Invesco QQQ by 100.0% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,115 shares of the exchange traded fund's stock valued at $1,167,000 after purchasing an additional 40,999,982 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of 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 valued at $11,300,023,000 after purchasing an additional 21,823,765 shares during the last quarter. Mullooly Asset Management Inc. purchased a new stake in shares of Invesco QQQ in the 1st quarter valued at approximately $2,775,904,000. Finally, NWI Management LP increased its position in shares of Invesco QQQ by 121.6% in 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 during the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

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.

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