$QQQ – Invesco QQQ ETF – 2020 Research

Rating: Sell

Target Price: $240

Business Strategy & Outlook:

The Invesco QQQ, or better known as QQQ, is an exchange-trade fund based on the Nasdaq-100 Index. The Fund will, under most circumstances, consist of all stocks in the Index. The index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization.

The top holdings for this ETF are Apple, Microsoft, Amazon, Facebook, Alphabet, Intel, Nvidia, Adobe, and PayPal. In recent days all of these names have had nice run towards the upside and have recovered all their losses from COVID 19 sell off. On average, these names have led the QQQ to be up 39% YTD after being up 62% two weeks prior.

 

Credit Updates:

For the three and six months that ended on June 30, 2020 and June 30, 2019, Square had no customer that accounted for greater than 10% of total net revenue.

As of June 30, 2020, they had an accumulated deficit of $627.7 million.

Technical Analysis: as of September 17, 2020

 

Using the 2-hour time frame, SQ has pulled back recently with the overall market. We reached a new all time high of $170.61 and pulling back down towards key support level $145. We are looking to see if we can hold this support level with secondary support at $140. We are seeking to be a buyer soon if we can maintain support levels. We seek to enter around the $145 / 140 level and start selling around $155 / 160 / 170 levels.

 

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