Embree Financial Group has decreased its holdings in Invesco QQQ (NASDAQ:QQQ) by 2.8% during the third quarter of 2023, as reported in its recent Form 13F filing with the Securities and Exchange Commission. The firm now owns 114,767 shares of the exchange-traded fund after selling 3,269 shares within the quarter. This reduction marks a significant adjustment for Embree Financial Group, which holds 9.2% of its total assets in Invesco QQQ, making it the firm’s largest position. At the close of the most recent quarter, the value of their holdings in Invesco QQQ amounted to $68,903,000.
Other institutional investors have also been active in adjusting their positions in Invesco QQQ. For instance, Amundi increased its stake by 6.3% during the first quarter, bringing its total to 110,903 shares, valued at $49,980,000 after acquiring an additional 6,600 shares. Similarly, BCGM Wealth Management LLC raised its holdings by 13.6% in the second quarter, now owning 25,597 shares worth $14,120,000 following the purchase of an additional 3,066 shares.
Prospect Financial Services LLC also increased its position by 9.1% during the second quarter, resulting in ownership of 11,765 shares valued at $6,490,000. Furthermore, Wisconsin Wealth Advisors LLC expanded its stake by 21.2% during the same period, now holding 6,747 shares valued at $3,722,000. Mayflower Financial Advisors LLC also grew its holdings by 17.5%, owning 6,017 shares worth $3,319,000 after adding 895 shares.
Institutional investors and hedge funds currently own 44.58% of Invesco QQQ’s stock, highlighting the significant interest in this exchange-traded fund.
Invesco QQQ Stock Performance
As of Friday, Invesco QQQ shares opened at $609.11. The fund has seen a 52-week low of $402.39 and a 52-week high of $637.01. The 50-day moving average price stands at $613.59, while the 200-day moving average is at $582.63.
Invesco QQQ is structured as a unit investment trust that issues securities known as Nasdaq-100 Index Tracking Stock. The primary objective of the Trust is to deliver investment results that closely correspond to the price and yield performance of the Nasdaq-100 Index. Investors in the Trust acquire units of beneficial interest, representing proportionate undivided interests in a portfolio of securities that reflect the component securities of the Nasdaq-100 Index.
This reallocation of assets by various institutional investors suggests a dynamic investment environment surrounding Invesco QQQ, as firms adjust their strategies in response to market conditions. The ongoing interest from institutional investors reinforces the stock’s significance in the investment community.
