We recently compiled a list of the 10 Hottest Stocks: What’s Fueling Their Rise. In this article, we are going to take a look at where IONQ Inc. (NYSE:IONQ) stands against the other stocks that skyrocketed yesterday.
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.
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 quantum computer on a countertop in an engineering laboratory with a technician at work.
IONQ Inc. (NYSE: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.”
Overall IONQ ranks 10th on our list of the stocks that skyrocketed yesterday. 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.
Disclosure: None. This article is originally published at Insider Monkey.