Invesco QQQ (NASDAQ:QQQ) Shares Down 2.9% – Time to Sell?

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

Invesco QQQ Stock Down 0.2 %

The stock has a fifty day moving average of $518.51 and a two-hundred day moving average of $493.56.

Invesco QQQ Dividend Announcement

The company also recently declared a dividend, which was paid on Tuesday, December 31st. Investors 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

Several hedge funds have recently modified their holdings of QQQ. AQR Capital Management LLC boosted its stake in Invesco QQQ by 332.0% during the second quarter. AQR Capital Management LLC now owns 12,041 shares of the exchange traded fund’s stock valued at $5,769,000 after buying an additional 9,254 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Invesco QQQ by 28.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 70,490 shares of the exchange traded fund’s stock valued at $33,772,000 after acquiring an additional 15,648 shares during the last quarter. Magnolia Capital Advisors LLC purchased a new position in shares of Invesco QQQ during the second quarter worth about $368,000. Ted Buchan & Co bought a new position in shares of Invesco QQQ in the second quarter worth approximately $653,000. Finally, Granite Bay Wealth Management LLC raised its stake in Invesco QQQ by 6,215.5% in the second quarter. Granite Bay Wealth Management LLC now owns 908,924 shares of the exchange traded fund’s stock valued at $409,513,000 after purchasing an additional 894,532 shares in the last quarter. 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.