The Invesco QQQ Trust ETF (QQQ), which tracks the performance of the Nasdaq 100 Index (NDX), was down 1.69% in Friday’s pre-market trading, as of writing. Concerns about high inflation, rising Treasury yields, and elevated oil prices amid continued tensions in the Middle East spooked investors, dragging down technology stocks and other equities.
Claim 55% Off TipRanks
New trading tool for QQQ bullsOn Thursday, QQQ gained 0.71% amid strength in tech stocks, with Cisco (CSCO) stock rallying on stellar fiscal third-quarter results.
Overall, the QQQ ETF has gained 4.45% in the past five trading sessions and about 39% year-to-date.
QQQ’s Key Holdings with Highest Upside/Downside Potential
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, QQQ is a Strong Buy. The Street’s average price target of $797.58 for the QQQ ETF implies an upside potential of about 11%.
Currently, QQQ’s five holdings with the highest upside potential are:
- Thomson Reuters (TRI)
- Insmed (INSM)
- Strategy (MSTR)
- Charter Communications (CHTR)
- Axon Enterprise (AXON)
Currently, QQQ’s top holdings with the highest downside potential are:
- Intel (INTC)
- Marvell Technology (MRVL)
- Micron Technology (MU)
- CrowdStrike Holdings (CRWD)
- Fortinet (FTNT)
Revealingly, the QQQ ETF’s Smart Score is seven, implying that this ETF is expected to perform in line with the broader market.