Invesco QQQ (NASDAQ:QQQ) Stock Price Up 2.3% - Time to Buy?

Key Points

• QQQ rose 2.3% to $690.38, with trading volume 14% below its average; the price was below its 50-day moving average but above its 200-day average.
• The quarterly dividend fell to $0.7514 per share from $0.8135, equivalent to an annualized $3.01 and a 0.4% yield.
• Potential headwinds include renewed expectations of a Fed rate hike after hotter CPI data and concerns that elevated technology valuations could leave QQQ vulnerable to a correction.

Invesco QQQ (NASDAQ:QQQ - Get Free Report) traded up 2.3% on Wednesday. The stock traded as high as $695.57 and last traded at $690.38. Approximately 41,408,442 shares were traded during trading, a decline of 14% from the average daily volume of 48,204,508 shares. The stock had previously closed at $674.76.

Trending Headlines about Invesco QQQ

These are some of the QQQ headlines that stood out recently:

• Neutral Sentiment: QQQ added $2.44 billion across its holdings on Nov. 9, including $206.7 million of Apple. These are portfolio purchases, not necessarily new investor inflows, so they do not by themselves signal stronger demand for QQQ. Invesco QQQ Trust Buys $206.7 Million More Apple
• Negative Sentiment: October CPI rose 0.4% month over month, with reports describing price pressures as broadening. This has renewed expectations of a December Fed rate hike; higher rates can weigh on the valuations of QQQ’s growth and technology stocks. October CPI: Broadening Price Pressures Keep Fed Tightening on Track
• Negative Sentiment: Several opinion pieces warn that elevated tech valuations could leave QQQ vulnerable to a steep correction, including scenarios involving declines of more than 40% or 50%. These are risk warnings, not predictions of an imminent drop. How the QQQ Could Drop More Than 40% From Here

Invesco QQQ Stock Up 2.3%

The company has a 50 day moving average price of $719.39 and a 200-day moving average price of $680.92.

Invesco QQQ Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Monday, September 21st were paid a $0.7514 dividend. This represents a $3.01 annualized dividend and a yield of 0.4%. This is a drop from Invesco QQQ's previous quarterly dividend of $0.8135. The ex-dividend date of this dividend was Monday, September 21st.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QQQ. High Point Wealth Management LLC increased its position in Invesco QQQ by 68.0% during the 2nd quarter. High Point Wealth Management LLC now owns 42 shares of the exchange traded fund's stock worth $31,000 after purchasing an additional 17 shares in the last quarter. Parvin Asset Management LLC bought a new stake in shares of Invesco QQQ during the first quarter worth $28,000. Financial Management Professionals Inc. increased its holdings in shares of Invesco QQQ by 83.3% during the second quarter. Financial Management Professionals Inc. now owns 55 shares of the exchange traded fund's stock worth $41,000 after buying an additional 25 shares in the last quarter. CrossGen Wealth LLC increased its holdings in shares of Invesco QQQ by 44.7% during the third quarter. CrossGen Wealth LLC now owns 55 shares of the exchange traded fund's stock worth $41,000 after buying an additional 17 shares in the last quarter. Finally, Bullseye Investment Management LLC bought a new position in shares of Invesco QQQ in the 2nd quarter valued at $44,000. Institutional investors 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.

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