Wed Nov 06 11:10:00 UTC 2024: ## QQQ ETF Experiences Short-Term Volatility Despite Strong Year-to-Date Performance
The Invesco QQQ Trust ETF (QQQ), which tracks the Nasdaq 100 Index, has seen a slight dip in recent trading, dropping 2.67% over the past five days. However, QQQ remains up about 19% year-to-date, indicating strong overall performance.
According to TipRanks, based on a weighted average of its holdings’ analyst ratings, QQQ is considered a Moderate Buy. The Street’s average price target of $555.94 suggests a potential upside of 14.9%.
QQQ’s five holdings with the highest upside potential include Super Micro Computer (SMCI), Moderna (MRNA), GlobalFoundries (GFS), Micron Technology (MU), and Biogen (BIIB). Conversely, Tesla (TSLA), Airbnb (ABNB), Old Dominion Freight Line (ODFL), Paychex (PAYX), and Marriott International (MAR) carry the greatest downside risk.
TipRanks assigns QQQ a Smart Score of eight, indicating a strong likelihood of outperforming the market. This suggests that despite recent fluctuations, QQQ remains a promising investment option.
Investors interested in exploring other high-potential ETFs can visit TipRanks to discover a curated list of top equity ETFs with significant upside potential.
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