NewEdge Advisors LLC has increased its stake in Invesco QQQ (NASDAQ: QQQ) by 3.1% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The investment firm now holds a total of 243,487 shares of the exchange-traded fund (ETF), having acquired an additional 7,284 shares during this period. As of the latest report, Invesco QQQ constitutes 0.6% of NewEdge Advisors’ investment portfolio, making it the firm’s 22nd largest holding, valued at approximately $124,465,000.
This acquisition is part of a broader trend among institutional investors, many of whom have recently adjusted their positions in Invesco QQQ. For instance, Kingstone Capital Partners Texas LLC dramatically increased its holdings by 704,593.7%, now owning 67,615,365 shares valued at about $37.3 billion after purchasing an additional 67,605,770 shares in the same quarter.
Another significant player, 1832 Asset Management L.P., doubled its position in Invesco QQQ, acquiring 2,115 shares worth around $1,167,000 after adding close to 41 million shares to its portfolio. Furthermore, Symphony Financial Ltd. Co. established a new stake in the ETF valued at approximately $1.24 billion, while JPMorgan Chase & Co. raised its stake by 42.4%, bringing its total to 4,895,265 shares worth around $2.7 billion.
As of Wednesday, shares of Invesco QQQ traded at $625.05, marking a slight increase of 0.1%. The ETF has experienced a range over the past year, with a low of $402.39 and a high of $637.01. Its current 50-day simple moving average stands at $612.54, while the 200-day simple moving average is at $578.78.
Understanding Invesco QQQ
Invesco QQQ is a unit investment trust that offers securities known as Nasdaq-100 Index Tracking Stocks. Its primary objective is to deliver investment results that closely align with the price and yield performance of the Nasdaq-100 Index. Investors can buy units representing proportional interests in a portfolio of securities that mirrors the Nasdaq-100 Index, thereby gaining exposure to the performance of some of the largest and most innovative companies in the technology sector and beyond.
The ongoing interest from institutional investors highlights the growing confidence in Invesco QQQ as a key player in the ETF market. With significant capital backing from firms like NewEdge Advisors and others, the future performance of this ETF will be closely monitored by market analysts and investors alike.
