Invesco QQQ (NASDAQ:QQQ) Trading Down 1% – Should You Sell?

Invesco QQQ (NASDAQ:QQQ)’s share price dropped 1% during mid-day trading on Friday . The company traded as low as $505.58 and last traded at $508.74. Approximately 22,232,869 shares were traded during trading, a decline of 40% from the average daily volume of 37,210,853 shares. The stock had previously closed at $514.00.

Invesco QQQ Stock Performance

The company has a market cap of $319.12 billion, a price-to-earnings ratio of 30.62 and a beta of 1.11. The firm has a fifty day moving average price of $474.84 and a 200 day moving average price of $500.89.

Invesco QQQ Cuts Dividend

The company also recently declared a dividend, which was paid on Wednesday, April 30th. Shareholders of record on Monday, March 24th were paid a $0.7157 dividend. The ex-dividend date was Monday, March 24th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in Invesco QQQ by 959.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund’s stock valued at $11,300,023,000 after purchasing an additional 21,823,765 shares during the last quarter. Proficio Capital Partners LLC grew its stake in Invesco QQQ by 51,292.3% in 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 buying an additional 11,478,188 shares during the last quarter. Mullooly Asset Management Inc. acquired a new position in Invesco QQQ in the 1st quarter valued at about $2,775,904,000. Strategic Financial Concepts LLC raised its holdings in Invesco QQQ by 47,853.9% in the 4th 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 period. Finally, NWI Management LP lifted 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 worth $331,277,000 after acquiring an additional 3,648,000 shares during the last quarter. Institutional investors own 44.58% of the company’s stock.

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.