Investors seeking momentum may have Invesco NASDAQ 100 ETF (QQQM - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of QQQM are up approximately 52.9% from their 52-week low of $113.44/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
QQQM In Focus
The underlying NASDAQ-100 Index includes securities of 100 of the largest domestic and international nonfinancial companies listed on Nasdaq. The fund charges 15 bps in fees.
Why The Move?
The Nasdaq-100 is tech heavy. And the tech stocks have been in great shape lately. The sector is expected to post 18.7% uptick in earnings in Q4 over 6.6% growth in revenues. The fourth-quarter earnings for "Magnificent Seven" are expected to grow 38.4% from the same period last year on 12.4% higher revenues. This would follow the 54.2% earnings growth for the group in the third quarter on 12.9% higher revenues.
More Gains Ahead?
The Zacks Rank #2 (Buy) fund has a positive weighted alpha of 47.71. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Investors seeking momentum may have Invesco NASDAQ 100 ETF (QQQM - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of QQQM are up approximately 52.9% from their 52-week low of $113.44/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
QQQM In Focus
The underlying NASDAQ-100 Index includes securities of 100 of the largest domestic and international nonfinancial companies listed on Nasdaq. The fund charges 15 bps in fees.
Why The Move?
The Nasdaq-100 is tech heavy. And the tech stocks have been in great shape lately. The sector is expected to post 18.7% uptick in earnings in Q4 over 6.6% growth in revenues. The fourth-quarter earnings for "Magnificent Seven" are expected to grow 38.4% from the same period last year on 12.4% higher revenues. This would follow the 54.2% earnings growth for the group in the third quarter on 12.9% higher revenues.
More Gains Ahead?
The Zacks Rank #2 (Buy) fund has a positive weighted alpha of 47.71. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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