Invesco QQQ (NASDAQ:QQQ) Shares Down 1.9% – Here’s Why

Shares of Invesco QQQ (NASDAQ:QQQ) traded down 1.9% on Thursday . The stock traded as low as $486.46 and last traded at $487.01. 10,059,420 shares were traded during trading, a decline of 74% from the average session volume of 38,512,809 shares. The stock had previously closed at $496.38.

Invesco QQQ Stock Performance

The company has a 50 day moving average price of $481.80 and a two-hundred day moving average price of $468.54.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd were paid a dividend of $0.677 per share. This represents a $2.71 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend was Monday, September 23rd.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in QQQ. Summit Wealth & Retirement Planning Inc. grew its holdings in Invesco QQQ by 4.6% in the 3rd quarter. Summit Wealth & Retirement Planning Inc. now owns 1,144 shares of the exchange traded fund’s stock valued at $558,000 after buying an additional 50 shares in the last quarter. 17 Capital Partners LLC grew its holdings in Invesco QQQ by 25.0% in the 3rd quarter. 17 Capital Partners LLC now owns 2,532 shares of the exchange traded fund’s stock valued at $1,236,000 after buying an additional 506 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its holdings in Invesco QQQ by 9.4% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 27,020 shares of the exchange traded fund’s stock valued at $13,188,000 after buying an additional 2,315 shares in the last quarter. XML Financial LLC grew its holdings in Invesco QQQ by 4.0% in the 3rd quarter. XML Financial LLC now owns 8,184 shares of the exchange traded fund’s stock valued at $3,995,000 after buying an additional 314 shares in the last quarter. Finally, Proficio Capital Partners LLC grew its holdings in Invesco QQQ by 20.5% in the 3rd quarter. Proficio Capital Partners LLC now owns 22,378 shares of the exchange traded fund’s stock valued at $10,922,000 after buying an additional 3,803 shares in the last quarter. 44.58% of the stock is owned by institutional investors and hedge funds.

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.