Invesco QQQ (NASDAQ:QQQ) Trading Down 1% - Here's What Happened

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s stock price dropped 1% during trading on Friday . The company traded as low as $505.58 and last traded at $508.74. Approximately 22,232,869 shares were traded during trading, a decline of 40% from the average daily volume of 37,210,853 shares. The stock had previously closed at $514.00.

Invesco QQQ Trading Down 0.6%

The stock's 50 day moving average is $474.14 and its two-hundred day moving average is $500.80. The stock has a market capitalization of $320.17 billion, a price-to-earnings ratio of 30.62 and a beta of 1.11.

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 given a dividend of $0.7157 per share. The ex-dividend date of this dividend was Monday, March 24th.

Institutional Investors Weigh In On Invesco QQQ

Several institutional investors have recently bought and sold shares of QQQ. Goldman Sachs Group Inc. boosted its holdings in Invesco QQQ by 959.6% during the first quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund's stock worth $11,300,023,000 after purchasing an additional 21,823,765 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of Invesco QQQ by 51,292.3% in the 4th 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 last quarter. Mullooly Asset Management Inc. bought a new position in shares of Invesco QQQ in the first quarter valued at $2,775,904,000. Strategic Financial Concepts LLC increased its holdings 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 worth $2,103,184,000 after buying an additional 4,105,389 shares during the last quarter. Finally, NWI Management LP increased its holdings in Invesco QQQ by 121.6% during the fourth quarter. NWI Management LP now owns 648,000 shares of the exchange traded fund's stock worth $331,277,000 after buying an additional 3,648,000 shares during the last quarter. Institutional investors 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.

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