Invesco QQQ (NASDAQ: QQQ) saw a notable increase in its stock value, rising 1.1% during trading on Tuesday. The stock traded at a high of $608.99 before closing at $607.87. In total, approximately 54.4 million shares exchanged hands, reflecting a 10% drop in trading volume compared to the average daily volume of about 60.2 million shares. The previous close for the stock was recorded at $601.41.
Furthermore, Invesco QQQ recently increased its quarterly dividend, paid on December 31. Shareholders who were on record by December 22 received $0.7941 per share, translating to an annualized yield of 0.5% – an increase from the previous quarterly dividend of $0.69.
Recent changes among institutional investors also highlight interest in Invesco QQQ. Several hedge funds have either increased or established new stakes in the fund. For instance, Goodman Advisory Group LLC acquired a new stake worth $25,000, as did the University of Texas Texas A&M Investment Management Company. Additionally, Annis Gardner Whiting Capital Advisors LLC significantly increased its holdings by 2,150%, now grasping 45 shares valued at approximately $28,000. Institutional ownership now stands at 44.58% of the company’s stock.
Invesco QQQ is a unit investment trust designed to track the Nasdaq-100 Index, providing investors the opportunity to invest in a portfolio of securities that mirrors the weighting of major companies in the index.
Despite its current “Hold” rating from analysts, the interest shown by institutional investors could signal ongoing confidence in the ETF. As the market evolves, many are optimistic that guiding analysts may soon have new recommendations that align with broader investor strategies.