First Trust Advisors LP has recently acquired a new stake in Invesco QQQ (NASDAQ:QQQ), purchasing 1,192 shares valued at about $610,000, as disclosed in their latest filing with the Securities and Exchange Commission (SEC). This move reflects a continued interest in the technology-focused exchange-traded fund, which tracks the performance of the Nasdaq-100 Index.
Additionally, other institutional investors have adjusted their positions in Invesco QQQ. Principal Financial Group Inc. notably increased its stake by 141.0% in the third quarter, resulting in ownership of 19,399 shares worth approximately $9.47 million after acquiring 11,351 additional shares. Similarly, Wealth Group Ltd. boosted their holdings by 6.9%, reaching a total of 1,584 shares valued at $810,000. Hudson Valley Investment Advisors also raised their position by 4.4%, and Watts Gwilliam & Co. LLC increased their investment by 17.4%. Fortitude Family Office LLC significantly expanded their holdings by an impressive 5,417.6%, now owning 9,711 shares worth nearly $5 million. Altogether, institutional and hedge fund investors hold about 44.58% of Invesco QQQ’s stock.
On the trading front, Invesco QQQ experienced a slight decline of $0.24, bringing its price to $488.05 during the latest trading session. The trading volume reached 27,675,907 shares, which is lower than the average volume of 36,513,345. The fund has demonstrated significant volatility over the past year, with a trading range between $402.39 and $540.81. Currently, Invesco QQQ boasts a market capitalization of approximately $305.84 billion, a P/E ratio of 28.58, and a beta of 1.11, indicating a higher level of market risk relative to the broader market.
In addition, Invesco QQQ announced a dividend of $0.7157 per share, which was paid on April 30 to stockholders of record from March 24. This reflects the fund’s ongoing commitment to return value to its shareholders, despite the challenges posed by fluctuating market conditions.
Overall, the interest from institutional investors alongside strategic adjustments in holdings highlights the confidence in the Invesco QQQ as a viable investment option within the technology sector, encouraging a positive outlook amid market fluctuations.