Why IonQ Inc. (IONQ) Skyrocketed?

We recently published a list of 10 Biggest Gainers of Last Week. In this article, we are going to take a look at where IonQ, Inc. (NYSE:IONQ) stands against other biggest gainers of last week.

Investors gobbled up shares of predominantly technology companies last week, following announcements of multi-billion dollars of investments, quantum technology backing, and new contracts, among others. Let’s take a look at last week’s Top 10 Gainers and explore the reasons behind their impressive performance.

To come up with the biggest winners of last week, we considered only the stocks that have 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)

Similar to Rigetti, quantum computing investors continued to watch out closely for clues on industry developments. Over the past year, IonQ’s stock prices registered a jump of 226 percent, sparking interest from investors.

In addition, various Wall Street analysts weighed in positively on the technology and on IonQ, specifically. 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.”

Additionally, Google unveiled its new chip Willo, which also appeared to have had a bullish effect on quantum stocks.

Overall, IONQ ranks 4th on our list of biggest gainers of last week. 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 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.