Invesco QQQ (NASDAQ:QQQ) Shares Down 1.6% - Should You Sell?

On Tuesday, shares of Invesco QQQ (NASDAQ:QQQ - Get Free Report) experienced a decline of 1.6%, reaching a low of $487.74 before last trading at $488.95. The mid-day trading volume reached 25,350,689 shares, which was a significant 27% drop from the average daily volume of 34,797,086 shares. The previous close for QQQ was $497.05.

Market Overview of Invesco QQQ

With a market capitalization of $307.69 billion and a price-to-earnings ratio of 33.43, Invesco QQQ exhibits a beta of 1.11, which indicates its volatility compared to the market. The stock is currently trading below its fifty-day simple moving average of $519.46 as well as its 200-day average of $503.75.

Dividend Announcement

Invesco QQQ recently announced a dividend, which was paid on December 31st. Shareholders who were on record as of December 23rd received a dividend of $0.8347 per share, with the ex-dividend date also falling on December 23rd.

Institutional Participation

A variety of hedge funds and institutional investors have been active in adjusting their positions in Invesco QQQ. Copia Wealth Management acquired a new stake worth about $326,000 in the 4th quarter. Similarly, Elite Financial Inc. and Arcadia Wealth Management Inc. made new investments valued at approximately $1,540,000 and $1,488,000, respectively. Wood Tarver Financial Group LLC invested around $193,000, while TFR Capital LLC acquired a stake worth $5,745,000 during the same quarter. Institutional investors and hedge funds presently hold approximately 44.58% of the stock.

About Invesco QQQ

The PowerShares QQQ Trust, Series 1 is a unit investment trust that offers securities known as Nasdaq-100 Index Tracking Stock. The objective of the Trust is to provide investment results that correlate to the price and yield performance of the Nasdaq-100 Index. This allows investors to buy units that represent their proportional interests in a collection of securities closely matching those of the Nasdaq-100 Index.

Investment Considerations

Current market insights warrant consideration for potential investors. Although Invesco QQQ holds a Hold rating from analysts, it’s advisable to explore other investment options. Recent research from market analysts highlights five stocks that they currently recommend more strongly than Invesco QQQ.

As potential investors contemplate whether to invest $1,000 in Invesco QQQ, it may be prudent to look into these other recommended stocks. This decision should be made after thorough research and consideration of market trends.

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