Invesco QQQ (NASDAQ:QQQ) Shares Down 1.9% – Time to Sell?

Invesco QQQ (NASDAQ:QQQ) was down 1.9% on Friday . The stock traded as low as $498.35 and last traded at $498.82. 13,864,062 shares changed hands during trading, a decline of 64% from the average session volume of 38,084,063 shares. The stock had previously closed at $508.69.

Invesco QQQ Stock Down 2.5 %

The business has a 50 day simple moving average of $488.38 and a 200-day simple moving average of $473.67.

Invesco QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were issued a $0.677 dividend. The ex-dividend date of this dividend was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a yield of 0.55%.

Institutional Trading of Invesco QQQ

Several institutional investors have recently made changes to their positions in QQQ. New Covenant Trust Company N.A. purchased a new stake in Invesco QQQ during the first quarter valued at about $28,000. Mechanics Financial Corp purchased a new position in shares of Invesco QQQ in the 2nd quarter valued at $30,000. Chelsea Counsel Co. purchased a new position in shares of Invesco QQQ in the 1st quarter valued at $40,000. CGC Financial Services LLC lifted its holdings in shares of Invesco QQQ by 736.4% during the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock valued at $44,000 after acquiring an additional 81 shares in the last quarter. Finally, PFG Private Wealth Management LLC boosted its position in Invesco QQQ by 572.2% during the 2nd quarter. PFG Private Wealth Management LLC now owns 121 shares of the exchange traded fund’s stock worth $58,000 after purchasing an additional 103 shares during the period. 44.58% of the stock is owned by hedge funds and other institutional investors.

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.