Invesco QQQ (NASDAQ:QQQ) Shares Down 2.4% – Here’s Why

Shares of Invesco QQQ (NASDAQ:QQQGet Free Report) fell 2.4% during trading on Thursday . The stock traded as low as $573.43 and last traded at $573.79. 79,510,327 shares changed hands during mid-day trading, an increase of 22% from the average session volume of 64,953,641 shares. The stock had previously closed at $587.82.

More Invesco QQQ News

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

Invesco QQQ Stock Down 2.4%

The business’s 50 day moving average price is $608.20 and its 200-day moving average price is $609.77.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Monday, March 23rd will be paid a $0.7328 dividend. The ex-dividend date of this dividend is Monday, March 23rd. This represents a $2.93 dividend on an annualized basis and a yield of 0.5%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QQQ. Old North State Trust LLC lifted its position in shares of Invesco QQQ by 5.1% during the 4th quarter. Old North State Trust LLC now owns 1,546 shares of the exchange traded fund’s stock worth $950,000 after buying an additional 75 shares during the period. J. Derek Lewis & Associates Inc. bought a new stake in Invesco QQQ in the fourth quarter valued at $1,398,000. Up Capital Management Inc. bought a new stake in Invesco QQQ in the fourth quarter valued at $9,622,000. Purpose Unlimited Inc. acquired a new position in Invesco QQQ during the fourth quarter worth $72,960,000. Finally, Cornerstone Planning LLC acquired a new position in Invesco QQQ during the fourth quarter worth $1,588,000. 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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