Invesco QQQ (NASDAQ:QQQ) Trading 1.7% Higher - What's Next?

Invesco QQQ (NASDAQ:QQQ - Get Free Report) experienced a 1.7% increase in its stock price on Friday. The stock reached a high of $524.07 before settling at $521.59 by the end of the trading session. During the day, around 19,224,888 shares were traded, which is a significant decrease of 40% compared to the average daily volume of 31,989,871 shares. The previous closing price for the stock was $513.08.

Invesco QQQ Price Performance

The stock's 50-day moving average stands at $515.79, while the 200-day moving average is at $491.65. These figures highlight a strong upward trend in the stock price over recent periods.

Invesco QQQ Announces Dividend

Invesco QQQ recently announced a dividend payment to its shareholders, which was distributed on Tuesday, December 31st. Shareholders on record as of Monday, December 23rd, received a dividend of $0.8347. The ex-dividend date was also on December 23rd.

Hedge Funds Weigh In On Invesco QQQ

Several hedge funds have recently adjusted their positions in Invesco QQQ. For instance, Hoese & Co LLP increased its stake by 32.3% in the fourth quarter, resulting in ownership of 82 shares valued at $42,000 after purchasing an additional 20 shares. Meanwhile, Legacy Bridge LLC raised its holdings by 60% in the third quarter, owning 120 shares worth $59,000 after acquiring 45 additional shares in the last quarter. BNP Paribas also bought a new stake valued at $62,000 during the third quarter. Brooklyn Investment Group and Ritter Daniher Financial Advisory LLC DE have also increased their investments significantly. As of now, institutional investors hold approximately 44.58% of the company's stock.

About Invesco QQQ

PowerShares QQQ Trust, Series 1, is a unit investment trust that issues securities known as Nasdaq-100 Index Tracking Stock. The investment aim of the Trust is to replicate the price and yield performance of the Nasdaq-100 Index. This allows investors to purchase units of beneficial interest in the Trust, which represent undivided interests in the portfolio of securities held by the Trust, aligning closely with the component securities of the Nasdaq-100 Index.

Should You Invest $1,000 in Invesco QQQ Right Now?

Before considering an investment in Invesco QQQ, it's important to note that it currently holds a "Hold" rating among analysts. Moreover, numerous top-rated analysts are recommending five stocks they believe will outperform Invesco QQQ in the near future.

Investors looking to create a reliable income stream from their stock portfolio might find better opportunities elsewhere. Explore the recommended stocks for safer investment income.

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