Invesco QQQ (NASDAQ:QQQ) Trading Down 1.7% - Time to Sell?

Invesco QQQ (NASDAQ:QQQ - Get Free Report) shares dropped 1.7% on Wednesday . The stock traded as low as $447.22 and last traded at $450.38. Approximately 10,761,539 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 36,609,700 shares. The stock had previously closed at $457.99.

Invesco QQQ Stock Performance

The stock has a market cap of $283.28 billion, a P/E ratio of 28.58 and a beta of 1.11. The business's 50-day moving average price is $480.64 and its 200-day moving average price is $500.95.

Invesco QQQ Cuts Dividend

The business also recently declared a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 24th will be given a $0.7157 dividend. The ex-dividend date is Monday, March 24th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in shares of Invesco QQQ by 159.6% during the 4th quarter. GAMMA Investing LLC now owns 3,349 shares of the exchange traded fund's stock valued at $1,712,000 after buying an additional 2,059 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Invesco QQQ by 141.0% during the third quarter. Principal Financial Group Inc. now owns 19,399 shares of the exchange traded fund's stock valued at $9,468,000 after acquiring an additional 11,351 shares during the period. NRI Wealth Management LC purchased a new position in shares of Invesco QQQ in the fourth quarter valued at about $28,729,000. Garden State Investment Advisory Services LLC boosted its stake in shares of Invesco QQQ by 13.1% in the third quarter. Garden State Investment Advisory Services LLC now owns 30,990 shares of the exchange traded fund's stock worth $15,169,000 after acquiring an additional 3,581 shares during the period. Finally, Silverleafe Capital Partners LLC grew its position in shares of Invesco QQQ by 16.8% during the fourth quarter. Silverleafe Capital Partners LLC now owns 45,312 shares of the exchange traded fund's stock worth $23,165,000 after purchasing an additional 6,518 shares in the last quarter. 44.58% of the stock is currently owned by institutional investors.

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.