Invesco QQQ (NASDAQ:QQQ) Trading Up 2% – Still a Buy?

Invesco QQQ (NASDAQ:QQQ)’s share price was up 2% on Monday . The company traded as high as $490.24 and last traded at $490.36. Approximately 10,066,133 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 34,809,262 shares. The stock had previously closed at $480.84.

Invesco QQQ Stock Performance

The business’s fifty day moving average price is $511.30 and its two-hundred day moving average price is $504.45. The stock has a market capitalization of $308.77 billion, a P/E ratio of 30.74 and a beta of 1.11.

Institutional Investors Weigh In On Invesco QQQ

Large investors have recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC increased its position in shares of Invesco QQQ by 51,292.3% during the 4th quarter. Proficio Capital Partners LLC now owns 11,500,566 shares of the exchange traded fund’s stock valued at $5,879,434,000 after purchasing an additional 11,478,188 shares during the last quarter. Strategic Financial Concepts LLC increased its position in Invesco QQQ by 47,853.9% during the fourth quarter. Strategic Financial Concepts LLC now owns 4,113,968 shares of the exchange traded fund’s stock valued at $2,103,184,000 after acquiring an additional 4,105,389 shares during the last quarter. NWI Management LP increased its position in Invesco QQQ by 121.6% during the fourth quarter. NWI Management LP now owns 648,000 shares of the exchange traded fund’s stock valued at $331,277,000 after acquiring an additional 3,648,000 shares during the last quarter. Senator Investment Group LP purchased a new stake in shares of Invesco QQQ in the fourth quarter valued at $679,936,000. Finally, Artemis Wealth Advisors LLC lifted its holdings in shares of Invesco QQQ by 1,337.4% in the 4th quarter. Artemis Wealth Advisors LLC now owns 828,335 shares of the exchange traded fund’s stock worth $423,470,000 after acquiring an additional 895,277 shares during the last quarter. 44.58% of the stock is 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.