Invesco QQQ (NASDAQ:QQQ) Stock Price Down 1.9% – Time to Sell?

Invesco QQQ (NASDAQ:QQQ) shares dropped 1.9% during trading on Friday . The company traded as low as $498.35 and last traded at $498.82. Approximately 13,864,062 shares changed hands during trading, a decline of 64% from the average daily volume of 38,084,063 shares. The stock had previously closed at $508.69.

Invesco QQQ Price Performance

The company has a fifty day simple moving average of $488.38 and a two-hundred day simple moving average of $473.67.

Invesco QQQ Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were paid a $0.677 dividend. The ex-dividend date of this dividend was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a yield of 0.55%.

Hedge Funds Weigh In On Invesco QQQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. New Covenant Trust Company N.A. purchased a new stake in Invesco QQQ during the 1st quarter worth about $28,000. Mechanics Financial Corp purchased a new stake in shares of Invesco QQQ during the second quarter worth about $30,000. Chelsea Counsel Co. acquired a new position in shares of Invesco QQQ in the first quarter valued at approximately $40,000. CGC Financial Services LLC boosted its position in Invesco QQQ by 736.4% during the second quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after acquiring an additional 81 shares during the last quarter. Finally, PFG Private Wealth Management LLC grew its stake in Invesco QQQ by 572.2% in the 2nd quarter. PFG Private Wealth Management LLC now owns 121 shares of the exchange traded fund’s stock worth $58,000 after acquiring an additional 103 shares during the period. Institutional investors and hedge funds 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.