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Large-Cap Growth ETF (QQQM) Hits New 52-Week High
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.