IonQ (IONQ) has seen a surge in its stock price over the past month, climbing 62%. Investors are now watching to see if this momentum will hold, given its recent growth numbers.

See our latest analysis for IonQ.

IonQ’s stock has built significant momentum recently, reflecting a year of positive sentiment among shareholders. While the 1-year total shareholder return is 6.5% and the 3-year total return is 11.3%, it is this sharp near-term share price rally that has many investors optimistic about the company’s growth prospects and shifting risk profile.

If this kind of momentum has you thinking bigger, it's a great moment to explore See the full list for free.

But is IonQ’s impressive run a sign that the stock remains undervalued and presents a fresh buying opportunity, or are investors already paying a premium for its future potential?

Price-to-Book Ratio of 17.8x: Is it justified?

IonQ’s shares are trading at a price-to-book ratio of 17.8x, significantly higher than its peers and the broader US Tech industry. With a last close price of $69.6, this steep valuation is hard to ignore for investors who are scrutinizing whether such a premium is merited.

The price-to-book ratio compares a company’s market value to its book value and is especially relevant for assessing companies that are not yet profitable. For IonQ, this means the market is pricing a substantial amount of future growth and potential breakthroughs into today’s share price.

However, the current 17.8x price-to-book multiple stands out against the US Tech industry average of just 1.9x and a peer group average of 13.2x. This indicates investors are paying a premium well above sector norms and are betting on IonQ’s technology and growth prospects from an early stage.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-Book of 17.8x (OVERVALUED)

However, sustained losses and a market price higher than analyst targets could quickly challenge recent optimism if growth does not accelerate meaningfully.

Find out about the key risks to this IonQ narrative.

Build Your Own IonQ Narrative

If you see the story differently or want to dive into the numbers firsthand, you can create your own perspective in minutes, right here: Do it your way

A great starting point for your IonQ research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.

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