Oct. 10 Shares of IonQ (NYSE:IONQ) rose 4.3% on Thursday and about 2% on early Friday as optimism built around the quantum computing firm's latest strategic move and upbeat analyst outlook.
The company recently closed its purchase of Vector Atomic, a specialist in quantum sensors for navigation and timing systems. The deal marks IonQ's entry into the emerging quantum sensing market, which is drawing interest from defense and aerospace sectors.
B. Riley Securities analyst Craig Ellis reiterated a Buy rating on IonQ and raised his price target to $100 from $75, the highest on the Street, implying roughly 29% upside from current levels. Ellis ranks among TipRanks' top analysts and expects IonQ to benefit from accelerating commercialization of quantum technologies.
He noted that U.S. Department of Energy laboratories are increasingly shifting focus toward turning quantum research into market-ready products, which may support broader adoption.
IonQ shares have advanced nearly 10% over the past week and about 77% in the last month, outpacing rivals Rigetti Computing (RGTI) and D-Wave Quantum (NYSE:QBTS), which have also surged in recent sessions.
Is IONQ Stock a Buy?
Based on the one year price targets offered by 8 analysts, the average target price for IonQ Inc is $61.50 with a high estimate of $80.00 and a low estimate of $32.00. The average target implies a downside of -20.65% from the current price of $77.50.
Based on GuruFocus estimates, the estimated GF Value for IonQ Inc in one year is $80.12, suggesting a upside of +3.38% from the current price of $77.50
Gf value is Gurufocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. For deeper insights, visit the forecast page.
