Invesco QQQ (NASDAQ:QQQ) Stock Price Up 0.9% - Should You Buy?

The shares of Invesco QQQ (NASDAQ:QQQ) experienced a modest increase of 0.9% in mid-day trading on Friday. The stock reached a peak of $490.48 before settling at $488.24. In total, approximately 10,780,917 shares changed hands during this trading session, marking a significant drop of 72% from the typical daily trading volume of 38,517,203 shares. The previous closing price stood at $483.85.

Invesco QQQ Stock Performance

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The 50-day simple moving average for the stock is currently $481.65, while the 200-day simple moving average is $468.15. This suggests a trend of increasing stock price over the shorter term compared to the longer span.

Invesco QQQ Cuts Dividend

Recently, the company announced a quarterly dividend that was paid to investors on Thursday, October 31st. Shareholders who were on record as of Monday, September 23rd, received a dividend of $0.677 per share. This amounts to an annualized dividend of $2.71, resulting in a dividend yield of 0.55%. The ex-dividend date for this payment was also Monday, September 23rd.

Institutional Inflows and Outflows

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Several institutional investors have recently adjusted their investments in QQQ. For example, New Covenant Trust Company N.A. acquired a new stake in Invesco QQQ during the first quarter, worth approximately $28,000. Similarly, Mechanics Financial Corp added to their holdings in the second quarter with a stake valued at around $30,000. In the first quarter, Chelsea Counsel Co. purchased a new position valued at about $40,000. CGC Financial Services LLC increased their stake by a remarkable 736.4% in the second quarter, now holding 92 shares worth $44,000 after buying an additional 81 shares. Furthermore, CarsonAllaria Wealth Management Ltd. raised its holdings by 30.4%, bringing their total to 103 shares, valued at $46,000 after acquiring 24 more shares during the same period. In total, hedge funds and institutional investors own approximately 44.58% of the company's stock.

About Invesco QQQ

Invesco QQQ Trust, known as Series 1, is a unit investment trust that issues securities related to the Nasdaq-100 Index Tracking Stock. The main goal of the Trust is to provide investment results that align closely with the price and yield performance of the Nasdaq-100 Index. The Trust allows investors to buy units that represent undivided interests in the portfolio of securities, which predominantly holds all of the components of the Nasdaq-100 Index.

Further Reading

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