Invesco QQQ (NASDAQ:QQQ) Stock Price Up 1.2% – Time to Buy?

Shares of Invesco QQQ (NASDAQ:QQQ) shot up 1.2% on Wednesday . The stock traded as high as $424.94 and last traded at $420.95. 30,212,165 shares changed hands during trading, a decline of 17% from the average session volume of 36,231,788 shares. The stock had previously closed at $416.06.

Invesco QQQ Price Performance

The company’s 50-day moving average is $491.73 and its 200-day moving average is $502.66. The firm has a market capitalization of $283.95 billion, a price-to-earnings ratio of 30.05 and a beta of 1.11.

Invesco QQQ Cuts Dividend

The company also recently announced 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.

Institutional Investors Weigh In On Invesco QQQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. PayPay Securities Corp grew its stake in Invesco QQQ by 276.9% during the fourth quarter. PayPay Securities Corp now owns 49 shares of the exchange traded fund’s stock worth $25,000 after buying an additional 36 shares during the period. Bridge Generations Wealth Management LLC purchased a new stake in Invesco QQQ during the 4th quarter worth $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Invesco QQQ in the 4th quarter valued at $36,000. Roxbury Financial LLC purchased a new position in Invesco QQQ in the fourth quarter valued at about $37,000. Finally, Hoese & Co LLP lifted its stake in shares of Invesco QQQ by 32.3% during the fourth quarter. Hoese & Co LLP now owns 82 shares of the exchange traded fund’s stock worth $42,000 after purchasing an additional 20 shares in the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

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.