Why IonQ Stock Was Soaring Today

Key Points

• Several Wall Street analysts raised their price targets on the stock.

• The company signed a memorandum of understanding with the Department of Energy.

• It said it would acquire Vector Atomic.

• 10 stocks we like better than IonQ ›

Shares of IonQ (NYSE: IONQ) were soaring again this week as the quantum computing stock made multiple announcements, showing its technology is continuing to gain traction and is finding new customers. It also received a number of price target hikes from Wall Street analysts.

According to data from S&P Global Market Intelligence, IonQ stock was up 24.6% as of Thursday at 1:10 p.m. ET.

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A banner week for IonQ

IonQ has delivered solid gains every day this week on a drumbeat of good news. On Monday, two Wall Street analysts raised their price targets on the stock and reiterated buy-equivalent ratings. B. Riley said IonQ is "far better positioned" than the stock indicates.

The following day, IonQ said it would acquire Vector Atomic, a quantum technology company.

Finally, on Wednesday, IonQ was named a new partner, along with Honeywell, for the Quantum-in-Space collaboration spearheaded by the Department of Energy (DOE), which will advance quantum technologies used in space. IonQ also signed a memorandum of understanding with the DOE.

The rapid-fire news items added to the bullish narrative building around the stock.

What's next for IonQ

IonQ has made a number of acquisitions in quantum computing and signed on new customers in recent months. Although the business is still small, with the company aiming for up to $100 million in revenue this year, IonQ looks poised to be a leader in the quantum computing revolution, as it's the most valuable among the four major quantum stocks.

If interest in the sector continues to build, expect IonQ to continue to move higher, especially if it forges new deals and acquisitions.

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Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.