Invesco QQQ (NASDAQ:QQQ) Trading Down 1.7% - Here's What Happened

Key Points

• Invesco QQQ shares fell by 1.7% to $555.13, with a notable decline in trading volume, down 34% from the average.
• The company announced a quarterly dividend of $0.5911, representing an annualized yield of 0.4%.
• Institutional ownership of Invesco QQQ stands at 44.58%, with several hedge funds making noteworthy investments in recent quarters.

Invesco QQQ (NASDAQ:QQQ - ) traded down 1.7% on Friday . The stock traded as low as $551.88 and last traded at $555.13. 29,513,529 shares were traded during trading, a decline of 34% from the average session volume of 44,680,441 shares. The stock had previously closed at $565.01.

Invesco QQQ Stock Performance

The business has a 50 day moving average of $543.12 and a two-hundred day moving average of $510.39.

Invesco QQQ Cuts Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Dempsey Capital Management LLC bought a new position in Invesco QQQ in the 2nd quarter worth about $30,000. Bridge Generations Wealth Management LLC bought a new position in shares of Invesco QQQ in the fourth quarter valued at approximately $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Invesco QQQ in the fourth quarter valued at approximately $36,000. Marshall & Sullivan Inc. WA bought a new position in shares of Invesco QQQ in the second quarter valued at approximately $41,000. Finally, Alpine Bank Wealth Management bought a new position in Invesco QQQ in the 1st quarter valued at $50,000. 44.58% of the stock is owned by institutional investors.

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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