Invesco QQQ (NASDAQ:QQQ) Shares Up 1.9% - Here's Why

Invesco QQQ (NASDAQ:QQQ - Get Free Report) shot up 1.9% during mid-day trading on Friday . The company traded as high as $477.51 and last traded at $477.10. 14,402,614 shares traded hands during trading, a decline of 59% from the average session volume of 35,019,846 shares. The stock had previously closed at $468.34.

Invesco QQQ Price Performance

The stock's fifty day moving average is $514.89 and its 200-day moving average is $503.85. The stock has a market capitalization of $302.59 billion, a PE ratio of 30.74 and a beta of 1.11.

Invesco QQQ Announces Dividend

The company also recently declared a dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were issued a dividend of $0.8347 per share. The ex-dividend date of this dividend was Monday, December 23rd.

Institutional Trading of Invesco QQQ

Hedge funds have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC grew its position in shares of Invesco QQQ by 51,292.3% in the fourth quarter. Proficio Capital Partners LLC now owns 11,500,566 shares of the exchange traded fund's stock valued at $5,879,434,000 after purchasing an additional 11,478,188 shares during the period. Ameriprise Financial Inc. grew its position in shares of Invesco QQQ by 20.2% in the fourth quarter. Ameriprise Financial Inc. now owns 4,500,368 shares of the exchange traded fund's stock valued at $2,300,993,000 after purchasing an additional 756,990 shares during the period. Toronto Dominion Bank grew its position in shares of Invesco QQQ by 13.0% in the third quarter. Toronto Dominion Bank now owns 4,261,790 shares of the exchange traded fund's stock valued at $2,080,052,000 after purchasing an additional 488,815 shares during the period. Strategic Financial Concepts LLC grew its position in shares of Invesco QQQ by 47,853.9% in the fourth quarter. Strategic Financial Concepts LLC now owns 4,113,968 shares of the exchange traded fund's stock valued at $2,103,184,000 after purchasing an additional 4,105,389 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of Invesco QQQ by 0.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,116,706 shares of the exchange traded fund's stock valued at $1,593,354,000 after purchasing an additional 27,115 shares during the period. 44.58% of the stock is owned by hedge funds and other institutional investors.

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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.