Invesco QQQ (NASDAQ:QQQ) Shares Down 1.2% – Should You Sell?

Invesco QQQ (NASDAQ:QQQ)’s stock price fell 1.2% on Tuesday . The company traded as low as $546.81 and last traded at $544.93. 17,086,782 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 38,966,025 shares. The stock had previously closed at $551.64.

Invesco QQQ Stock Performance

The company’s 50 day simple moving average is $512.13 and its 200-day simple moving average is $503.87.

Invesco QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd will be paid a dividend of $0.5911 per share. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.43%.

Hedge Funds Weigh In On Invesco QQQ

A number of institutional investors and hedge funds have recently modified their holdings of QQQ. Tallon Kerry Patrick purchased a new position in shares of Invesco QQQ during the 4th quarter worth $4,904,000. Naviter Wealth LLC lifted its position in Invesco QQQ by 8.8% during the fourth quarter. Naviter Wealth LLC now owns 1,320 shares of the exchange traded fund’s stock valued at $675,000 after purchasing an additional 107 shares in the last quarter. Eagle Capital Management LLC grew its holdings in Invesco QQQ by 0.3% during the fourth quarter. Eagle Capital Management LLC now owns 60,686 shares of the exchange traded fund’s stock valued at $31,025,000 after purchasing an additional 185 shares during the period. Brighton Jones LLC increased its position in Invesco QQQ by 15.0% in the fourth quarter. Brighton Jones LLC now owns 38,348 shares of the exchange traded fund’s stock worth $19,605,000 after buying an additional 4,989 shares in the last quarter. Finally, Revolve Wealth Partners LLC increased its position in Invesco QQQ by 3.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,257 shares of the exchange traded fund’s stock worth $2,687,000 after buying an additional 176 shares in the last quarter. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

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.