Invesco QQQ (NASDAQ:QQQ) Reaches New 1-Year High - What's Next?

Shares of Invesco QQQ (NASDAQ:QQQ - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $552.80 and last traded at $551.64, with a volume of 45311497 shares traded. The stock had previously closed at $548.09.Invesco QQQ Trading Up 0.6%Strategists Say Hold: Stocks May Beat the 'Sell in May' TrendThe firm's 50-day moving average price is $512.13 and its two-hundred day moving average price is $503.87. Invesco QQQ Cuts DividendThe business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd will be paid a $0.5911 dividend. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $2.36 annualized dividend and a dividend yield of 0.43%. Hedge Funds Weigh In On Invesco QQQS&P 500 and Nasdaq-100 Flashed Death Crosses—Should You Worry?Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its position in Invesco QQQ by 959.6% during the first quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund's stock worth $11,300,023,000 after buying an additional 21,823,765 shares during the period. Mullooly Asset Management Inc. acquired a new position in shares of Invesco QQQ during the first quarter worth $2,775,904,000. NWI Management LP lifted its holdings in Invesco QQQ by 121.6% in the 4th quarter. NWI Management LP now owns 648,000 shares of the exchange traded fund's stock worth $331,277,000 after buying an additional 3,648,000 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Invesco QQQ by 55,795.2% in the first quarter. GAMMA Investing LLC now owns 1,871,929 shares of the exchange traded fund's stock valued at $8,777,850,000 after purchasing an additional 1,868,580 shares during the last quarter. Finally, Senator Investment Group LP acquired a new stake in shares of Invesco QQQ during the fourth quarter worth approximately $679,936,000. Institutional investors and hedge funds own 44.58% of the company's stock. Invesco QQQ Company Profile (Get Free Report)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.Further ReadingFive stocks we like better than Invesco QQQLow PE Growth Stocks: Unlocking Investment OpportunitiesTesla’s Robotaxi Hype Fuels Bullish Price Targets to $500What Is WallStreetBets and What Stocks Are They Targeting?Value vs Growth Ratio Hits Cycle Low—Top Value Picks to BuyLarge Cap Stock Definition and How to InvestBiotech Catalyst Alert: NKTR, CDTX & WGS Rallying With Big GainsPayPal Stock: Too Cheap to Ignore, Too Strong to MissThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Invesco QQQ Right Now?Before you consider Invesco QQQ, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Invesco QQQ wasn't on the list.While Invesco QQQ currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here