Quantum Computing Stock Looks to Snap Losing Streak

IonQ's revenue beat and strong forecast is giving the shares a boost

Deputy Editor
Aug 11, 2023 at 9:19 AM
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IonQ Inc (NYSE:IONQ) is on the rise premarket, up 6.6% at $15.12 at last glance. This comes after the quantum computing name's second-quarter revenue bested estimates alongside a better-than-expected booking; however, the company also posted wider-than-expected losses of 22 cents per share. In response, Craig-Hallum lifted its price target to $21 from $12. 

Should these gains hold, IONQ will snap a seven-day losing streak following its Aug. 1, 52-week high of $20.14. The stock's 40-day moving average moved in as support during the last couple sessions, however, keeping the pullback in check. Heading into today, the equity is up 311% year-to-date. 

Of the five analysts in coverage, two carry a "buy" or better rating on IonQ stock, with three rating it a "hold." The 12-month consensus price target sits at $14, home to the stock's lows this week, though now a small discount to current levels. 

Short interest is dipping, down 4.8% in the last two weeks. Nevertheless, the 21.42 million shares sold short still account for 12% of the stock's available float. 

 

 

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