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

Invesco QQQ (NASDAQ:QQQ) saw its stock price rise by 1.7% on Friday. The stock peaked at $524.07 and was last seen trading at $521.59. During mid-day trading, around 19,224,888 shares were exchanged, which represents a 40% drop from the typical daily volume of 31,989,871 shares. The previous day, the stock had closed at $513.08.

Invesco QQQ Price Performance

The current 50-day moving average price for Invesco QQQ stands at $515.79, while the 200-day moving average price is considerably lower at $491.65.

Invesco QQQ Announces Dividend

Recently, Invesco QQQ announced a dividend payout, which was made on Tuesday, December 31st. Shareholders who were on record by Monday, December 23rd, received a dividend of $0.8347. The ex-dividend date was also Monday, December 23rd.

Hedge Funds Weigh In On Invesco QQQ

Several major investors have updated their positions in Invesco QQQ. For instance, Hoese & Co LLP increased its stake by 32.3% in the fourth quarter, now holding 82 shares worth $42,000 after acquiring an additional 20 shares. Similarly, Legacy Bridge LLC boosted its holdings by 60.0% in the third quarter, now owning 120 shares valued at $59,000 following a purchase of 45 additional shares. BNP Paribas also entered the picture by purchasing a new stake valued at $62,000 during the third quarter. Additionally, Brooklyn Investment Group initiated a new position valued at $69,000 in the fourth quarter. Lastly, Ritter Daniher Financial Advisory LLC DE raised its stake by 75.9% in the third quarter, now owning 146 shares worth $71,000 after buying 63 extra shares. Institutional investors hold approximately 44.58% of the company's stock.

About Invesco QQQ

The PowerShares QQQ Trust, Series 1, is a unit investment trust that offers Nasdaq-100 Index Tracking Stock. Its primary investment goal is to provide results that match the performance of the Nasdaq-100 Index in terms of price and yield. This trust allows investors to purchase units representing proportional undivided interests in the portfolio of securities held by the trust, closely mirroring the component securities of the Nasdaq-100 Index.

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

Before investing in Invesco QQQ, it’s important to consider the recommendations of leading analysts. While many analysts currently maintain a "Hold" rating on Invesco QQQ, they have highlighted five other stocks that they believe to be stronger investment opportunities at this time.

Invesco, QQQ, stocks