Investors seeking momentum may have Fidelity NASDAQ Composite Index Tracking Stock Fund (ONEQ Quick QuoteONEQ - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of ONEQ are up approximately 51.5% from their 52-week low of $257.38/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.

ONEQ in Focus

The underlying Nasdaq Composite Index is the market capitalization-weighted index of over 3,300 common equities listed on the Nasdaq stock exchange. ONEQ charges investors 21 basis points in fee per year (see all technology ETFs here).

Why the move?

The Nasdaq hit the 10,000 mark for the first time ever on Jun 9. This marked the 18th record close for the Nasdaq in the year 2020 alone. Though the tech-heavy index shied away in the last hour of trading from the 10K mark — a psychologically pleasing level — the momentum has been pretty stellar.

More Gains Ahead?

Currently, ONEQ has a Zacks ETF Rank #2 (Buy) with a Medium-risk outlook. The fund also has a positive weighted alpha of 29.80. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>