Invesco QQQ (NASDAQ:QQQ) Shares Up 0.5% - Time to Buy?

Shares of Invesco QQQ (NASDAQ:QQQ - Get Free Report) traded up 0.5% during mid-day trading on Monday . The stock traded as high as $498.52 and last traded at $497.93. 5,869,467 shares traded hands during trading, a decline of 85% from the average session volume of 38,671,945 shares. The stock had previously closed at $495.32.

Invesco QQQ Stock Performance

The firm's 50 day moving average price is $480.79 and its 200-day moving average price is $467.41.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd will be paid a dividend of $0.677 per share. This represents a $2.71 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Monday, September 23rd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. New Covenant Trust Company N.A. purchased a new position in Invesco QQQ in the 1st quarter worth approximately $28,000. Mechanics Financial Corp acquired a new stake in shares of Invesco QQQ during the 2nd quarter worth approximately $30,000. Chelsea Counsel Co. acquired a new stake in shares of Invesco QQQ during the 1st quarter worth approximately $40,000. CGC Financial Services LLC increased its holdings in shares of Invesco QQQ by 736.4% during the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund's stock worth $44,000 after buying an additional 81 shares during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. increased its holdings in shares of Invesco QQQ by 30.4% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund's stock worth $46,000 after buying an additional 24 shares during the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

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.