10 Hottest Stocks: What’s Fueling Their Rise

Ten companies—predominantly involved in the quantum computing sector—have taken the spotlight on Thursday, booking significant gains despite a lackluster performance from Wall Street’s main indices.

Today, let’s take a look at the top 10 gainers and explore how they have performed so far.

To come up with Thursday’s top gainers, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A laptop screen showing stock market data. Photo by Alesia Kozik

10. IONQ Inc. (IONQ)

Shares of IonQ on Thursday rose to an all-time high of $48.24, marking an 8-percent increase from the $44.58 close on Tuesday, as investors placed bets on the company’s further growth potential and impressive earnings performance over the past year.

Year-to-date, IonQ’s stock price has already jumped by 296 percent, underscoring investor optimism.

According to analysts, the company has demonstrated impressive revenue growth of 90 percent over the last 12 months.

Various Wall Street analysts also weighed in positively on technology companies, specifically IonQ.

Last Monday, Morgan Stanley Joseph Moore increased his price target for IonQ to $37 from $14.90, saying, “We can’t identify a clear catalyst for this kind of equity appreciation in the space over that time, but we do see continued indications that investment in quantum should continue growing at a rapid pace.”

9. Peloton Interactive Inc. (PTON)

Shares of Peloton Interactive registered a 9.72-percent increase on Thursday, finishing the day at $10.27 apiece from $9.36 on Tuesday. Year-to-date, the company’s stock price recorded an impressive 76-percent improvement.

According to analysts, investors took heart on the company’s solid quarterly results, having narrowed its net loss by 99.44 percent.

The fitness technology company known for its at-home exercise equipment and interactive online workout classes also earned higher price targets from analysts, with Telsey Advisory Group increasing its price target to $9 from $5 earlier.

Similarly, JP Morgan raised its target price for Peloton to $7 from $5 earlier, while Sanford C. Bernstein & Co. increased its price target for the firm to $6.5 from $4.25.

The Bank of America gave the most bullish target for the company, boosting its price to $9 from $3.75 earlier.