Here’s Why IonQ, Inc. (IONQ) Is Skyrocketing

We recently compiled a list of the Why These 24 Stocks Are Skyrocketing. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against the other stocks.

One of the strongest stock market anomalies is the momentum effect, which is the tendency of recent past winners to outperform the recent past losers. That’s why we decided to take a look at some of the recent past winners in this article. These 24 companies, predominantly involved in the quantum computing, biotechnology, and technology sectors, have performed significantly well in the final quarter of 2024, registering spectacular returns over the 3 months.

That said, let’s take a look at the top 24 stocks that have skyrocketed and pose a solid growth opportunity in the coming year. We will also explore how well the stocks have performed throughout the year and what they have in store for 2025.

To come up with 24 names, we considered only the stocks that have at least $2 billion in market capitalization and have registered commendable returns in the fourth quarter of 2024.

A quantum computer on a countertop in an engineering laboratory with a technician at work.

IonQ, Inc. (NYSE:IONQ)

Q4 Returns as of December 31, 2024: 378%

Shares of IonQ rose to $41.77 on December 31, marking a 377.9% increase from the $8.74 close on September 30, 2024, as investors placed bets on the company’s further growth potential and impressive financial performance over the past year.

In the past year, IONQ’s stock price has jumped by 168%, as of January 10, emphasizing investor optimism. At the same time, on December 20, analyst firm Craig-Hallum raised its price target to $45 from $22.

IONQ increased its revenue by 102% year-over-year in the third quarter of 2024. During the same quarter, the company secured solid quantum contracts, improving its standing in the industry. In a solid move, IonQ Inc (NYSE:IONQ) recently completed the acquisition of Qubitekk, expanding its quantum networking capabilities.

Overall IONQ ranks 6th on our list of the stocks that are skyrocketing right now. While we acknowledge the potential of IONQ as an investment, our conviction lies in the belief that certain 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 that 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.