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

Invesco QQQ (NASDAQ:QQQ) experienced a rise of 0.9% during mid-day trading on Wednesday. The stock reached a high of $522.10 before trading at $521.52. Approximately 8,091,076 shares changed hands during this trading session, which is a significant decrease of 78% from the average daily volume of 37,501,891 shares. The previous close for the stock was $516.87.

Invesco QQQ Stock Trend

The stock has been trending positively with a 1.2% increase. As the year comes to a close, investors are trying to determine whether the market is showing optimism or caution regarding a year-end rally.

Dividend Announcement

Recently, Invesco QQQ announced its quarterly dividend, which was paid on October 31st. Shareholders registered as of September 23rd received a payment of $0.677. The ex-dividend date for this payment was also September 23rd. Annually, this results in a total dividend of $2.71, with a yield of 0.52%.

Investor Activity

Several institutional investors have recently adjusted their holdings of QQQ. Mechanics Financial Corp made a new investment in the stock during the second quarter, worth approximately $30,000. Additionally, CGC Financial Services LLC increased its stake in the stock by 736.4% during the same period, bringing their total to 92 shares valued at $44,000 after acquiring 81 additional shares. PFG Private Wealth Management LLC also raised its stake by 572.2%, owning 121 shares valued at $58,000. Legacy Bridge LLC increased its holding by 60% in the third quarter, owning 120 shares worth $59,000 after an acquisition of 45 shares. Finally, BNP Paribas invested approximately $62,000 during the third quarter. Collectively, institutional investors own approximately 44.58% of the stock.

About Invesco QQQ

The PowerShares QQQ Trust, Series 1 is a unit investment trust that issues stocks known as Nasdaq-100 Index Tracking Stocks. Its main aim is to provide investment results that closely match the price and yield performance of the Nasdaq-100 Index. Investors have the opportunity to purchase units that represent undivided interests in the portfolio of securities held by the Trust, which includes most of the securities in the same proportions as those in the Nasdaq-100 Index.

Looking Ahead

Before deciding to invest in Invesco QQQ, it's essential to analyze the current market recommendations. Although it has a "Hold" rating from analysts, some of the top-rated analysts have identified five alternative stocks that they recommend buying at this time. Therefore, potential investors should consider these other options before making decisions regarding Invesco QQQ.

Invesco, QQQ, Stocks