Invesco QQQ (NASDAQ:QQQ) Stock Price Down 4.9% – Here’s What Happened

Shares of Invesco QQQ (NASDAQ:QQQ) dropped 4.9% during mid-day trading on Thursday . The stock traded as low as $452.47 and last traded at $452.67. Approximately 25,583,243 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 35,149,183 shares. The stock had previously closed at $476.15.

Invesco QQQ Stock Down 6.2 %

The firm has a 50-day moving average of $501.45 and a two-hundred day moving average of $504.37. The company has a market capitalization of $268.12 billion, a PE ratio of 30.05 and a beta of 1.18.

Invesco QQQ Cuts Dividend

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

Hedge Funds Weigh In On Invesco QQQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QQQ. SOA Wealth Advisors LLC. increased its holdings in shares of Invesco QQQ by 0.3% in the third quarter. SOA Wealth Advisors LLC. now owns 17,369 shares of the exchange traded fund’s stock valued at $8,477,000 after purchasing an additional 46 shares during the last quarter. Redwood Investment Management LLC grew its holdings in shares of Invesco QQQ by 51.2% in the third quarter. Redwood Investment Management LLC now owns 3,991 shares of the exchange traded fund’s stock valued at $1,976,000 after purchasing an additional 1,352 shares during the period. Texas Capital Bank Wealth Management Services Inc acquired a new stake in Invesco QQQ during the third quarter worth about $471,000. Temasek Holdings Private Ltd acquired a new stake in Invesco QQQ in the 3rd quarter valued at approximately $50,235,000. Finally, Weiss Asset Management LP acquired a new position in Invesco QQQ during the third quarter worth $1,659,000. 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.