Invesco QQQ (NASDAQ:QQQ) Trading 0.1% Higher - Still a Buy?

On Tuesday, shares of Invesco QQQ (NASDAQ:QQQ) increased by 0.1%, reaching a high of $510.16 and concluding the day at $506.07. During this trading session, a total of 10,129,285 shares exchanged hands, representing a significant decline of 68% compared to the typical daily volume of 31,230,201 shares. The stock had previously closed at $505.56.

Performance Overview

Recently, the shares saw a dip of 0.7%. The fifty-day moving average stands at $515.79, while the two-hundred-day moving average is recorded at $491.65.

Dividend Announcement

Invesco QQQ also declared a dividend recently. This dividend was paid out on Tuesday, December 31st, to shareholders who were on record by Monday, December 23rd. Those eligible received a dividend of $0.8347, with the ex-dividend date also set for December 23rd.

Institutional Investment Trends

Recent movements by institutional investors and hedge funds indicate increased interest in Invesco QQQ. International Assets Investment Management LLC made a notable increase by raising its shareholdings in QQQ by an astronomical 46,491.6% during the third quarter, now owning 32,586,150 shares valued at approximately $15.9 billion after purchasing an additional 32,516,210 shares in the last quarter. Granite Bay Wealth Management LLC also increased its holdings by 6,215.5% during the second quarter, resulting in ownership of 908,924 shares worth $409.5 million after acquiring an extra 894,532 shares. Additionally, Toronto Dominion Bank boosted its holdings in QQQ by 13.0% in the third quarter, owning 4,261,790 shares valued at $2.08 billion after buying 488,815 shares recently. Ameriprise Financial Inc. and Empirical Asset Management LLC likewise raised their stakes, demonstrating strong institutional support for the ETF. Overall, hedge funds and institutional investors now own about 44.58% of Invesco QQQ's shares.

Invesco QQQ Overview

PowerShares QQQ Trust, Series 1, is a unit investment trust that provides investors with a means to gain exposure to the Nasdaq-100 Index. Its primary investment objective is to deliver returns that correspond closely to the price and yield performance of this index, allowing investors to hold units of beneficial interest that represent ownership in the underlying portfolio.

Considerations for Investors

Before investing $1,000 in Invesco QQQ, it is important for potential investors to gather all relevant information. While the ETF has a "Hold" rating from analysts, there are alternatives being recommended that may offer better returns. It would be wise to review these suggestions before making an investment decision.

Invesco, QQQ, dividend