Invesco QQQ (NASDAQ:QQQ) Stock Price Down 1.2% – Here’s Why

Shares of Invesco QQQ (NASDAQ:QQQ) fell 1.2% during trading on Wednesday . The stock traded as low as $503.16 and last traded at $503.45. 7,577,617 shares changed hands during trading, a decline of 80% from the average session volume of 37,787,531 shares. The stock had previously closed at $509.31.

Invesco QQQ Trading Down 0.8 %

The firm’s 50 day moving average is $495.58 and its 200 day moving average is $478.50.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were paid a dividend of $0.677 per share. This represents a $2.71 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Monday, September 23rd.

Institutional Investors Weigh In On Invesco QQQ

Hedge funds have recently made changes to their positions in the company. Mechanics Financial Corp purchased a new stake in shares of Invesco QQQ in the 2nd quarter valued at approximately $30,000. Chelsea Counsel Co. purchased a new stake in Invesco QQQ in the 1st quarter worth approximately $40,000. CGC Financial Services LLC lifted its position in Invesco QQQ by 736.4% in the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after buying an additional 81 shares in the last quarter. Legacy Bridge LLC lifted its position in Invesco QQQ by 60.0% in the 3rd quarter. Legacy Bridge LLC now owns 120 shares of the exchange traded fund’s stock worth $59,000 after buying an additional 45 shares in the last quarter. Finally, PFG Private Wealth Management LLC lifted its position in Invesco QQQ by 572.2% in the 2nd quarter. PFG Private Wealth Management LLC now owns 121 shares of the exchange traded fund’s stock worth $58,000 after buying an additional 103 shares in the last quarter. Hedge funds and other 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.