Invesco QQQ (NASDAQ:QQQ) Trading Down 2.9% – Should You Sell?

Invesco QQQ (NASDAQ:QQQ) was down 2.9% during mid-day trading on Monday . The stock traded as low as $510.53 and last traded at $514.37. Approximately 24,326,125 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 32,031,791 shares. The stock had previously closed at $529.63.

Invesco QQQ Stock Performance

The firm has a 50 day moving average price of $517.86 and a two-hundred day moving average price of $493.21.

Invesco QQQ Announces Dividend

The company also recently disclosed a dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a dividend of $0.8347 per share. The ex-dividend date was Monday, December 23rd.

Hedge Funds Weigh In On Invesco QQQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QQQ. Spirit of America Management Corp NY increased its holdings in shares of Invesco QQQ by 11.5% in the 4th quarter. Spirit of America Management Corp NY now owns 350 shares of the exchange traded fund’s stock valued at $179,000 after purchasing an additional 36 shares during the period. Hager Investment Management Services LLC acquired a new stake in shares of Invesco QQQ during the 4th quarter valued at $227,000. Stratos Investment Management LLC grew its holdings in shares of Invesco QQQ by 15.9% during the 4th quarter. Stratos Investment Management LLC now owns 1,041 shares of the exchange traded fund’s stock valued at $532,000 after acquiring an additional 143 shares in the last quarter. Silverlake Wealth Management LLC increased its stake in shares of Invesco QQQ by 91.7% in the fourth quarter. Silverlake Wealth Management LLC now owns 6,594 shares of the exchange traded fund’s stock worth $3,371,000 after acquiring an additional 3,154 shares during the last quarter. Finally, Guidance Capital Inc. raised its holdings in shares of Invesco QQQ by 5.8% during the fourth quarter. Guidance Capital Inc. now owns 6,563 shares of the exchange traded fund’s stock worth $3,476,000 after acquiring an additional 362 shares in the last quarter. Institutional investors and hedge funds 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.