Invesco QQQ (NASDAQ:QQQ) Shares Up 1.1% – Still a Buy?

Shares of Invesco QQQ (NASDAQ:QQQ) shot up 1.1% during mid-day trading on Wednesday . The stock traded as high as $716.65 and last traded at $714.71. 38,789,332 shares were traded during trading, a decline of 33% from the average session volume of 58,182,781 shares. The stock had previously closed at $707.24.

Invesco QQQ News Summary

Here are the key news stories impacting Invesco QQQ this week:

• Positive Sentiment: Invesco’s QQQ assets under management jumped 18% in April, reflecting strong market gains and renewed investor demand for the ETF. Invesco’s QQQ AUM jumps 18% in April amid market gains
• Positive Sentiment: Nasdaq 100 stocks rose despite hot PPI data, as semiconductor strength and Nvidia’s continued surge boosted sentiment across the index that QQQ tracks. Stock Market Today: Nasdaq 100 Rises Despite Hot PPI, Nvidia Hits Record High
• Positive Sentiment: Multiple market notes highlighted AI momentum, upbeat earnings, and a strong semiconductor rally as supports for QQQ and other growth-heavy ETFs. The Zacks Analyst Blog QQQ, DIA, DRAM, WGMI, EWY, DIME and BKCH
• Neutral Sentiment: Several articles discussed whether inflation data and elevated valuations could pressure markets, but they did not provide a clear bearish catalyst specific to QQQ.

Invesco QQQ Stock Up 1.1%

The company has a 50 day simple moving average of $621.92 and a 200-day simple moving average of $618.18.

Invesco QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Monday, March 23rd were paid a $0.7328 dividend. This represents a $2.93 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, March 23rd.

Institutional Investors Weigh In On Invesco QQQ

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Goodman Advisory Group LLC acquired a new position in Invesco QQQ during the third quarter worth $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Invesco QQQ in the fourth quarter valued at $25,000. Shcp LLC bought a new position in shares of Invesco QQQ in the 3rd quarter valued at about $27,000. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Invesco QQQ by 2,150.0% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 45 shares of the exchange traded fund’s stock worth $28,000 after purchasing an additional 43 shares during the last quarter. Finally, Rachor Investment Advisory Services LLC acquired a new position in shares of Invesco QQQ during the 4th quarter worth about $29,000. Institutional investors own 44.58% of the company’s stock.

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.