Trade Report: The Gerber Kawasaki Wealth & Investment Management Increases Stake in PowerShares QQQ Trust Series 1 (QQQ)

The Gerber Kawasaki Wealth & Investment Management Increases Stake in PowerShares QQQ Trust Series 1 (QQQ)

Gerber Kawasaki Wealth & Investment Management boosted its stake in shares of PowerShares QQQ Trust Series 1 (NASDAQ:QQQ) by 5.6% during the second quarter, Holdings Channel reports. The firm owned 11,048 shares of the company’s stock after buying an additional 583 shares during the period. PowerShares QQQ Trust Series 1 accounts for 0.7% of Gerber Kawasaki Wealth & Investment Management’s holdings, making the stock its 29th largest position. Gerber Kawasaki Wealth & Investment Management’s holdings in PowerShares QQQ Trust Series 1 were worth $1,188,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. 1832 Asset Management L.P. increased its position in PowerShares QQQ Trust Series 1 by 955.6% in the first quarter. 1832 Asset Management L.P. now owns 4,750 shares of the company’s stock valued at $518,000 after buying an additional 4,300 shares during the period. Noven Financial Group Inc. bought a new stake in PowerShares QQQ Trust Series 1 during the first quarter valued at approximately $14,158,000. Hanlon Investment Management Inc. boosted its stake in PowerShares QQQ Trust Series 1 by 5.6% in the first quarter. Hanlon Investment Management Inc. now owns 11,806 shares of the company’s stock valued at $1,289,000 after buying an additional 622 shares in the last quarter. Accredited Investors Inc. boosted its stake in PowerShares QQQ Trust Series 1 by 11.5% in the first quarter. Accredited Investors Inc. now owns 6,853 shares of the company’s stock valued at $748,000 after buying an additional 706 shares in the last quarter. Finally, Forward Management LLC boosted its stake in PowerShares QQQ Trust Series 1 by 231.2% in the first quarter. Forward Management LLC now owns 1,340,945 shares of the company’s stock valued at $146,431,000 after buying an additional 936,049 shares in the last quarter. Institutional investors and hedge funds own 31.27% of the company’s stock.

PowerShares QQQ Trust Series 1 (NASDAQ:QQQ) traded down 0.24% during midday trading on Monday, hitting $116.86. The company had a trading volume of 8,894,953 shares. The stock’s 50-day moving average price is $117.48 and its 200-day moving average price is $112.13. PowerShares QQQ Trust Series 1 has a 52-week low of $94.84 and a 52-week high of $119.48.

Separately, Vetr reaffirmed a “hold” rating on shares of PowerShares QQQ Trust Series 1 in a report on Wednesday, September 14th.

About PowerShares QQQ Trust Series 1

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.

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