Invesco QQQ (NASDAQ:QQQ) Stock Falls 3.5% – Here’s Why

Invesco QQQ (NASDAQ:QQQ – Get Free Report)’s share price was down 3.5% during mid-day trading on Friday. The stock traded as low as $683.45 and last traded at $690.49. 83,892,491 shares changed hands during mid-day trading, an increase of 76% from the average session volume of 47,673,926 shares. The stock had previously closed at $715.34.

Trending Headlines about Invesco QQQ

Here are the key news stories impacting Invesco QQQ this week:

Invesco QQQ Stock Down 3.5%

The stock has a fifty day moving average price of $725.00 and a 200-day moving average price of $679.01.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Monday, September 21st were given a dividend of $0.7514 per share. This is a decrease from Invesco QQQ’s previous quarterly dividend of $0.8135. The ex-dividend date was Monday, September 21st. This represents a $3.01 dividend on an annualized basis and a dividend yield of 0.4%.

Hedge Funds Weigh In On Invesco QQQ

Several institutional investors have recently bought and sold shares of QQQ. Pathway Financial Advisers LLC raised its stake in Invesco QQQ by 7.4% in the third quarter. Pathway Financial Advisers LLC now owns 2,448 shares of the exchange traded fund’s stock valued at $1,811,000 after buying an additional 169 shares during the period. Wrenne Financial Planning LLC lifted its position in shares of Invesco QQQ by 6.3% in the third quarter. Wrenne Financial Planning LLC now owns 978 shares of the exchange traded fund’s stock valued at $723,000 after buying an additional 58 shares during the last quarter. Jacksonville Wealth Management LLC boosted its stake in shares of Invesco QQQ by 7.5% during the 3rd quarter. Jacksonville Wealth Management LLC now owns 25,736 shares of the exchange traded fund’s stock worth $19,039,000 after acquiring an additional 1,800 shares during the period. Sageworth Trust Co boosted its stake in shares of Invesco QQQ by 32.9% during the 3rd quarter. Sageworth Trust Co now owns 5,463 shares of the exchange traded fund’s stock worth $4,041,000 after acquiring an additional 1,352 shares during the period. Finally, Independent Investors Inc. boosted its stake in shares of Invesco QQQ by 62.7% during the 3rd quarter. Independent Investors Inc. now owns 623 shares of the exchange traded fund’s stock worth $461,000 after acquiring an additional 240 shares during the period. Institutional investors own 44.58% of the company’s stock.

About Invesco QQQ

(Get Free Report)

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.

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