Invesco QQQ (NASDAQ:QQQ) Shares Up 0.1% – Should You Buy?

Invesco QQQ (NASDAQ:QQQ) shares shot up 0.1% on Wednesday . The company traded as high as $536.57 and last traded at $536.53. 4,618,417 shares changed hands during trading, a decline of 88% from the average session volume of 37,012,973 shares. The stock had previously closed at $535.80.

Invesco QQQ Price Performance

The firm has a 50-day moving average of $506.74 and a 200-day moving average of $485.78.

Hedge Funds Weigh In On Invesco QQQ

A number of institutional investors have recently bought and sold shares of QQQ. Principal Financial Group Inc. grew its position in Invesco QQQ by 141.0% during the 3rd quarter. Principal Financial Group Inc. now owns 19,399 shares of the exchange traded fund’s stock worth $9,468,000 after purchasing an additional 11,351 shares during the period. 1ST Source Bank lifted its holdings in Invesco QQQ by 0.8% in the third quarter. 1ST Source Bank now owns 4,738 shares of the exchange traded fund’s stock valued at $2,312,000 after acquiring an additional 38 shares during the period. Garden State Investment Advisory Services LLC boosted its position in Invesco QQQ by 13.1% in the 3rd quarter. Garden State Investment Advisory Services LLC now owns 30,990 shares of the exchange traded fund’s stock worth $15,169,000 after purchasing an additional 3,581 shares in the last quarter. Copley Financial Group Inc. acquired a new stake in shares of Invesco QQQ during the 3rd quarter worth approximately $550,000. Finally, Little Harbor Advisors LLC increased its holdings in shares of Invesco QQQ by 7.5% during the 3rd quarter. Little Harbor Advisors LLC now owns 18,787 shares of the exchange traded fund’s stock valued at $9,169,000 after purchasing an additional 1,316 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

About Invesco QQQ

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.