Analysts Predict Significant Upside for Fidelity Technology ETF
At ETF Channel, we analyze the underlying holdings of ETFs in our coverage universe. By comparing the trading price of each holding to the average analyst’s 12-month forward target price, we calculated the weighted average implied target price for the Fidelity MSCI Information Technology Index ETF (Symbol: FTEC). Our findings indicate an implied analyst target price of $218.50 per unit for this ETF.
Currently, FTEC is trading at approximately $169.07 per unit, suggesting a potential upside of 29.24% based on analyst targets for its underlying holdings. Notably, three of these holdings exhibit considerable upside compared to their respective target prices: HUT 8 CORP COMMON Stock USD.01 (Symbol: HUT), Pagaya Technologies Ltd (Symbol: PGY), and PowerFleet Inc (Symbol: AIOT). HUT trades at $13.41/share, while the average analyst target is $32.87/share, implying a 145.12% upside. Similarly, PGY has a potential increase of 109.42%, with the share price at $10.77 and a target of $22.55. Analysts expect AIOT to rise to a target price of $12.00/share, representing a 100.00% increase from its recent price of $6.00.
Below is a chart showing the twelve-month price history comparing the stock performance of HUT, PGY, and AIOT:
Here is a summary table of the current analyst target prices discussed above:
| Name | Symbol | Recent Price | Avg. Analyst 12-Mo. Target | % Upside to Target |
|---|---|---|---|---|
| Fidelity MSCI Information Technology Index ETF | FTEC | $169.07 | $218.50 | 29.24% |
| HUT 8 CORP COMMON Stock USD.01 | HUT | $13.41 | $32.87 | 145.12% |
| Pagaya Technologies Ltd | PGY | $10.77 | $22.55 | 109.42% |
| PowerFleet Inc | AIOT | $6.00 | $12.00 | 100.00% |
This raises essential questions: Are analysts justified in their targets, or are they being overly optimistic regarding where these stocks will be trading in the next twelve months? Observing a high target price relative to a stock’s current trading price could imply optimism about the future, but it may also signal potential downward adjustments if targets are out of date with recent company and industry developments. Investors should conduct further research to gain a clearer perspective.
10 ETFs With Most Upside To Analyst Targets »
Also See:
• SJH Videos
• JWSM Options Chain
• CNC 13F Filers
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
