Invesco QQQ (NASDAQ:QQQ) Shares Up 3.8% - Should You Buy?

Invesco QQQ (NASDAQ:QQQ - Get Free Report) was up 3.8% during mid-day trading on Wednesday . The company traded as high as $463.38 and last traded at $461.17. Approximately 22,767,939 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 36,474,662 shares. The stock had previously closed at $444.48.

Invesco QQQ Stock Up 1.1 %

The company's 50-day simple moving average is $474.40 and its 200 day simple moving average is $500.08. The stock has a market capitalization of $299.44 billion, a price-to-earnings ratio of 28.58 and a beta of 1.11.

Invesco QQQ Cuts Dividend

The firm also recently announced a dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 24th will be issued a $0.7157 dividend. The ex-dividend date of this dividend is Monday, March 24th.

Hedge Funds Weigh In On Invesco QQQ

Several hedge funds have recently added to or reduced their stakes in the company. PayPay Securities Corp boosted its holdings in shares of Invesco QQQ by 276.9% during the fourth quarter. PayPay Securities Corp now owns 49 shares of the exchange traded fund's stock worth $25,000 after acquiring an additional 36 shares during the period. Bridge Generations Wealth Management LLC bought a new position in Invesco QQQ during the 4th quarter worth $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Invesco QQQ during the 4th quarter worth approximately $36,000. Roxbury Financial LLC acquired a new stake in Invesco QQQ during the fourth quarter worth approximately $37,000. Finally, Hoese & Co LLP boosted its holdings in shares of Invesco QQQ by 32.3% during the 4th quarter. Hoese & Co LLP now owns 82 shares of the exchange traded fund's stock worth $42,000 after buying an additional 20 shares in 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.