Invesco QQQ (NASDAQ:QQQ) Trading Down 2% – Here’s What Happened

Invesco QQQ (NASDAQ:QQQ) shares dropped 2% on Thursday . The company traded as low as $606.08 and last traded at $608.40. Approximately 70,059,594 shares were traded during mid-day trading, an increase of 47% from the average daily volume of 47,653,625 shares. The stock had previously closed at $621.08.

Invesco QQQ Price Performance

The stock’s 50-day simple moving average is $605.86 and its two-hundred day simple moving average is $565.19.

Invesco QQQ Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Monday, September 22nd were issued a $0.694 dividend. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $2.78 annualized dividend and a yield of 0.5%. This is an increase from Invesco QQQ’s previous quarterly dividend of $0.59.

Hedge Funds Weigh In On Invesco QQQ

Several large investors have recently made changes to their positions in the business. Orgel Wealth Management LLC boosted its position in shares of Invesco QQQ by 4.7% during the third quarter. Orgel Wealth Management LLC now owns 382 shares of the exchange traded fund’s stock worth $229,000 after buying an additional 17 shares during the period. Enclave Advisors LLC raised its stake in Invesco QQQ by 0.9% during the 3rd quarter. Enclave Advisors LLC now owns 1,831 shares of the exchange traded fund’s stock valued at $1,099,000 after acquiring an additional 17 shares in the last quarter. IFS Advisors LLC boosted its position in Invesco QQQ by 4.1% during the 3rd quarter. IFS Advisors LLC now owns 431 shares of the exchange traded fund’s stock worth $259,000 after acquiring an additional 17 shares during the period. Mezzasalma Advisors LLC grew its stake in shares of Invesco QQQ by 0.5% in the third quarter. Mezzasalma Advisors LLC now owns 3,312 shares of the exchange traded fund’s stock worth $1,988,000 after purchasing an additional 17 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Invesco QQQ by 1.2% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 1,421 shares of the exchange traded fund’s stock valued at $853,000 after purchasing an additional 17 shares during the period. 44.58% of the stock is currently 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.