Market Slump Drags Down Share Prices of IONQ Inc. (IONQ)

We recently published an article titled Market Slump Drags Down Share Prices of These 15 Companies. In this article, we are going to take a look at where IONQ Inc. (NYSE:IONQ) stands against the other stocks.

Wall Street’s main indices ended this week’s trading on a bloodbath following an overall market selloff as investors shifted their capital into assets offering higher returns.

This article will delve into the factors behind the downturn and explore why each company was particularly affected.

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

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

IONQ Inc. (NYSE:IONQ) 

Shares of IonQ Inc. on Friday dropped by 5.72 percent to end at $45.48 as investors resorted to profit-taking after the company hit an all-time high on Thursday.

Year-to-date, IonQ’s current valuation marked an impressive 274.01-percent growth. It also booked a 41.20-percent increase during the past 30 trading days.

Despite Friday’s profit-taking, analysts remained positive on the company, especially as it is seen to largely benefit from the booming Artificial Intelligence (AI) sector.

Last week, Morgan Stanley’s Joseph Moore more than doubled his price target for IonQ to $37 from $14.9 apiece, saying that while there is no clear catalyst for the current price appreciation, he sees continued indications that investment in quantum should continue growing at a rapid pace.

Overall IONQ ranks 10th on our list of the stocks that were recently dragged down by market slump. While we acknowledge the potential of IONQ as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. 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.

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