Invesco QQQ (NASDAQ:QQQ) Stock Price Down 3.5% – Here’s What Happened

Invesco QQQ (NASDAQ:QQQ)’s share price dropped 3.5% during mid-day trading on Friday . The company traded as low as $426.10 and last traded at $434.77. Approximately 40,197,643 shares traded hands during trading, an increase of 14% from the average daily volume of 35,344,259 shares. The stock had previously closed at $450.66.

Invesco QQQ Price Performance

The firm has a fifty day moving average price of $503.59 and a 200 day moving average price of $504.72. The firm has a market capitalization of $268.76 billion, a PE ratio of 30.05 and a beta of 1.18.

Invesco QQQ Cuts Dividend

The company also recently declared a dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 24th will be issued a dividend of $0.7157 per share. The ex-dividend date of this dividend is Monday, March 24th.

Hedge Funds Weigh In On Invesco QQQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stephens Consulting LLC lifted its holdings in shares of Invesco QQQ by 0.4% in the fourth quarter. Stephens Consulting LLC now owns 5,416 shares of the exchange traded fund’s stock valued at $2,769,000 after purchasing an additional 19 shares in the last quarter. Cardinal Point Capital Management ULC raised its position in Invesco QQQ by 0.5% during the fourth quarter. Cardinal Point Capital Management ULC now owns 3,902 shares of the exchange traded fund’s stock valued at $1,995,000 after buying an additional 20 shares during the period. Hoese & Co LLP lifted its stake in Invesco QQQ by 32.3% in the 4th quarter. Hoese & Co LLP now owns 82 shares of the exchange traded fund’s stock worth $42,000 after acquiring an additional 20 shares in the last quarter. Farmers & Merchants Investments Inc. boosted its position in Invesco QQQ by 1.9% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 1,093 shares of the exchange traded fund’s stock worth $559,000 after acquiring an additional 20 shares during the period. Finally, RAM Investment Partners LLC boosted its position in Invesco QQQ by 1.7% during the 4th quarter. RAM Investment Partners LLC now owns 1,167 shares of the exchange traded fund’s stock worth $597,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds 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.