IONQ, RGTI, and QUBT are bouncing back from recent losses
Quantum computing stocks have lost a little luster lately, as Wall Street catches up to their valuations. Today is a step in the right direction for the speculative technology, though, after the Wall Street Journal reported the Trump administration was considering acquiring equity stakes in quantum computing firms IonQ Inc (NYSE:IONQ), Rigetti Computing Inc (NASDAQ:RGTI), and Quantum Computing Inc (NASDAQ:QUBT).
IONQ is up 11.3% to trade at $61.71 at last check, but remains roughly 30% below its Oct. 13 record high of $84.64. Despite the drawdown, the shares found support at their 80-day moving average, and are still 316% higher year over year.
RGTI is 15.1% higher to trade at $41.52 at last check, with a similar technical profile as IonQ, though its trendline of support is the shorter-term 30-day moving average. Shares boast a 167% year-to-date gain, and are on track to snap a five-day losing streak.
QUBT was last seen up 10.9% higher to trade at $15.99, but is still below its year-to-date breakeven level. The shares yesterday closed below their 126-day moving average for the first time since May, but have reclaimed that level today. Year over year, the stock is up 1,476%.
Short squeeze potential binds the quantum computing sector together. Between IONQ, RGTI, and QUBT, all three names have at least 15% of their total available float sold short.