Invesco QQQ (NASDAQ:QQQ) Shares Up 2% - Here's What Happened

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s share price shot up 2% during trading on Thursday . The stock traded as high as $463.82 and last traded at $463.52. 14,955,692 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 36,487,013 shares. The stock had previously closed at $454.56.

Invesco QQQ Price Performance

The firm has a fifty day simple moving average of $474.40 and a two-hundred day simple moving average of $500.08. The firm has a market capitalization of $299.44 billion, a P/E ratio of 28.58 and a beta of 1.11.

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 paid a dividend of $0.7157 per share. The ex-dividend date of this dividend is Monday, March 24th.

Institutional Investors Weigh In On Invesco QQQ

Several large investors have recently added to or reduced their stakes in the company. Stephens Consulting LLC raised its position 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 during the period. Cardinal Point Capital Management ULC raised its holdings in Invesco QQQ by 0.5% during the 4th quarter. Cardinal Point Capital Management ULC now owns 3,902 shares of the exchange traded fund's stock valued at $1,995,000 after acquiring an additional 20 shares during the period. Hoese & Co LLP lifted its position in shares of Invesco QQQ by 32.3% during the fourth 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. lifted its position in shares of Invesco QQQ by 1.9% during the fourth 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 in the last quarter. Finally, RAM Investment Partners LLC boosted its holdings in shares of Invesco QQQ by 1.7% in the fourth 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. Hedge funds and other institutional investors own 44.58% of the company's stock.

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.