10 Stocks Skyrocketing Today

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1. IonQ Inc. (NYSE:IONQ)

IonQ shares soared by 16.68 percent on Wednesday to finish at $21.82 apiece as investor sentiment was fueled by news that Rakuten Securities gobbled up worth $3.7 million shares in the company, signaling the brokerage firm’s confidence in the company.

In a regulatory filing, Rakuten Securities said it bought 90,000 IONQ shares. The purchase represented 1.5 percent of its total shareholdings and its ninth largest investment so far.

Additionally, investors also gobbled up shares after its subsidiary ID Quantique expanded IONQ’s owned or controlled patent portfolio by nearly 250 patents, pushing its total patents to almost 400.

“Our extensive patent portfolio in quantum networking technologies, paired with our consistent delivery and outperformance of quantum networking technological and business milestones, enables new market opportunities to help our customers solve problems unsolvable with current technologies,” said IONQ CEO Niccolo de Masi.

While we acknowledge the potential of IONQ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IONQ but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.

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