Invesco QQQ (NASDAQ:QQQ) Stock Price Down 1.5% - What's Next?

Key Points

• Invesco QQQ stock declined by 1.5%, trading at $560.92 after hitting a low of $559.03, with a significant drop in trading volume of 35% compared to its average.
• The firm recently issued a quarterly dividend of $0.5911 per share, with a 0.4% annual yield, reflecting a cut from previous dividend levels.
• Institutional interest in Invesco QQQ is notable, with firms like Goldman Sachs increasing their holdings by over 959% recently, indicating strong investor confidence.

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s share price traded down 1.5% on Wednesday . The company traded as low as $559.03 and last traded at $560.92. 29,055,804 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 44,658,730 shares. The stock had previously closed at $569.28.

Invesco QQQ Price Performance

The business's 50-day simple moving average is $557.92 and its two-hundred day simple moving average is $515.74.

Invesco QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd were given a $0.5911 dividend. 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 Trading of Invesco QQQ

Hedge funds have recently added to or reduced their stakes in the stock. Kingstone Capital Partners Texas LLC raised its stake in shares of Invesco QQQ by 704,593.7% during the second 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 acquiring an additional 67,605,770 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of 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 valued at $11,300,023,000 after acquiring an additional 21,823,765 shares during the last quarter. Mullooly Asset Management Inc. bought a new position in shares of Invesco QQQ during the first quarter valued at $2,775,904,000. JPMorgan Chase & Co. raised its stake in shares of Invesco QQQ by 42.4% during the second quarter. JPMorgan Chase & Co. now owns 4,895,265 shares of the exchange traded fund's stock valued at $2,700,424,000 after acquiring an additional 1,457,109 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Invesco QQQ by 20.2% during the fourth quarter. Ameriprise Financial Inc. now owns 4,500,368 shares of the exchange traded fund's stock valued at $2,300,993,000 after acquiring an additional 756,990 shares during the last quarter. Institutional investors and hedge funds own 44.58% of the company's stock.

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.