Invesco QQQ (NASDAQ:QQQ) Trading 1.9% Higher – Still a Buy?

Invesco QQQ (NASDAQ:QQQ) shares were up 1.9% on Tuesday . The stock traded as high as $519.31 and last traded at $518.89. Approximately 14,390,118 shares were traded during trading, a decline of 61% from the average daily volume of 37,277,937 shares. The stock had previously closed at $509.24.

Invesco QQQ Stock Up 2.3%

The company has a 50-day moving average price of $475.41 and a two-hundred day moving average price of $500.77. The stock has a market capitalization of $326.50 billion, a P/E ratio of 30.62 and a beta of 1.11.

Invesco QQQ Cuts Dividend

The business also recently declared a dividend, which was paid on Wednesday, April 30th. Stockholders of record on Monday, March 24th were given a dividend of $0.7157 per share. The ex-dividend date was Monday, March 24th.

Institutional Investors Weigh In On Invesco QQQ

Several hedge funds and other institutional investors have recently modified their holdings of the stock. PayPay Securities Corp increased its position in shares of Invesco QQQ by 276.9% in the fourth quarter. PayPay Securities Corp now owns 49 shares of the exchange traded fund’s stock worth $25,000 after purchasing an additional 36 shares during the last quarter. Bridge Generations Wealth Management LLC bought a new position in Invesco QQQ during the fourth quarter valued at approximately $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Invesco QQQ during the fourth quarter valued at approximately $36,000. Roxbury Financial LLC bought a new position in Invesco QQQ during the fourth quarter valued at approximately $37,000. Finally, Alpine Bank Wealth Management bought a new position in Invesco QQQ during the first quarter valued at approximately $50,000. 44.58% of the stock is currently owned by institutional investors.

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.