Invesco QQQ (NASDAQ:QQQ) Stock Price Up 0.3% - Should You Buy?

Invesco QQQ (NASDAQ:QQQ - Get Free Report) shares were up 0.3% during mid-day trading on Wednesday . The stock traded as high as $518.92 and last traded at $517.09. Approximately 15,325,146 shares were traded during trading, a decline of 58% from the average daily volume of 36,594,474 shares. The stock had previously closed at $515.59.

Invesco QQQ Price Performance

The firm has a market capitalization of $326.80 billion, a PE ratio of 30.62 and a beta of 1.11. The company's fifty day simple moving average is $470.91 and its 200-day simple moving average is $500.03.

Invesco QQQ Cuts Dividend

The business also recently disclosed a dividend, which was paid on Wednesday, April 30th. Shareholders 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QQQ. Principal Financial Group Inc. lifted its holdings in Invesco QQQ by 141.0% during the third quarter. Principal Financial Group Inc. now owns 19,399 shares of the exchange traded fund's stock valued at $9,468,000 after purchasing an additional 11,351 shares in the last quarter. Wealth Group Ltd. lifted its holdings in Invesco QQQ by 6.9% during the fourth quarter. Wealth Group Ltd. now owns 1,584 shares of the exchange traded fund's stock valued at $810,000 after purchasing an additional 102 shares in the last quarter. Tallon Kerry Patrick purchased a new position in shares of Invesco QQQ in the fourth quarter worth about $4,904,000. Cvfg LLC purchased a new position in shares of Invesco QQQ in the fourth quarter worth about $2,129,000. Finally, Empirical Asset Management LLC lifted its stake in shares of Invesco QQQ by 15,676.3% in the fourth quarter. Empirical Asset Management LLC now owns 202,883 shares of the exchange traded fund's stock worth $103,720,000 after buying an additional 201,597 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other 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.