Invesco QQQ (NASDAQ:QQQ) Trading Down 1.9% – Here’s What Happened

Invesco QQQ (NASDAQ:QQQ)’s share price dropped 1.9% on Friday . The stock traded as low as $498.35 and last traded at $498.82. Approximately 13,864,062 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 38,084,063 shares. The stock had previously closed at $508.69.

Invesco QQQ Price Performance

The business has a 50-day simple moving average of $489.33 and a 200-day simple moving average of $474.11.

Invesco QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were issued a $0.677 dividend. The ex-dividend date of this dividend was Monday, September 23rd. This represents a $2.71 annualized dividend and a dividend yield of 0.55%.

Hedge Funds Weigh In On Invesco QQQ

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. PBCay One RSC Ltd raised its stake in shares of Invesco QQQ by 6.2% in the first quarter. PBCay One RSC Ltd now owns 375,000 shares of the exchange traded fund’s stock valued at $166,504,000 after acquiring an additional 22,000 shares in the last quarter. Russell Investments Group Ltd. raised its position in Invesco QQQ by 140.6% in the 1st quarter. Russell Investments Group Ltd. now owns 243 shares of the exchange traded fund’s stock valued at $108,000 after purchasing an additional 142 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Invesco QQQ in the 1st quarter valued at about $844,000. Vanguard Group Inc. grew its position in shares of Invesco QQQ by 5.0% during the first quarter. Vanguard Group Inc. now owns 17,520 shares of the exchange traded fund’s stock worth $7,779,000 after buying an additional 832 shares in the last quarter. Finally, Davis R M Inc. increased its stake in shares of Invesco QQQ by 15.3% during the first quarter. Davis R M Inc. now owns 3,763 shares of the exchange traded fund’s stock worth $1,671,000 after buying an additional 498 shares during the period. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

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.