Invesco QQQ (NASDAQ:QQQ) Stock Price Down 0.3% - Here's Why

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s share price dropped 0.3% during mid-day trading on Wednesday . The stock traded as low as $509.95 and last traded at $511.40. Approximately 6,057,999 shares changed hands during trading, a decline of 84% from the average daily volume of 38,152,770 shares. The stock had previously closed at $512.91.

Invesco QQQ Stock Performance

The company's 50-day moving average is $486.39 and its 200-day moving average is $473.15.

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 given a dividend of $0.677 per share. This represents a $2.71 annualized dividend and a yield of 0.53%. The ex-dividend date was Monday, September 23rd.

Institutional Investors Weigh In On Invesco QQQ

Hedge funds and other institutional investors have recently bought and sold shares of the company. Westwood Holdings Group Inc. boosted its stake in Invesco QQQ by 14.1% during the first quarter. Westwood Holdings Group Inc. now owns 16,155 shares of the exchange traded fund's stock worth $7,173,000 after buying an additional 1,993 shares during the period. Socha Financial Group LLC boosted its position in Invesco QQQ by 2.4% in the 3rd quarter. Socha Financial Group LLC now owns 91,650 shares of the exchange traded fund's stock valued at $44,732,000 after buying an additional 2,171 shares during the period. Bank Hapoalim BM raised its holdings in shares of Invesco QQQ by 5.5% in the 3rd quarter. Bank Hapoalim BM now owns 121,397 shares of the exchange traded fund's stock valued at $59,250,000 after purchasing an additional 6,347 shares in the last quarter. SVB Wealth LLC increased its stake in Invesco QQQ by 15.2% in the first quarter. SVB Wealth LLC now owns 18,559 shares of the exchange traded fund's stock valued at $8,240,000 after purchasing an additional 2,453 shares during the period. Finally, Arrow Financial Corp increased its stake in Invesco QQQ by 7.2% in the third quarter. Arrow Financial Corp now owns 141,366 shares of the exchange traded fund's stock valued at $68,997,000 after purchasing an additional 9,516 shares during the period. 44.58% of the stock is currently owned by institutional investors and hedge funds.

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.

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