Why Quantum Computing Stock Is Skyrocketing Today

Key Points

• Quantum Computing stock is soaring Friday as investors become less risk averse.

• The stock is getting a big boost from bullish analyst coverage.

• 10 stocks we like better than Quantum Computing ›

Quantum Computing (NASDAQ: QUBT) stock is seeing another round of huge gains in Friday's trading. The quantum technologies company's share price was up 26.1% as of 1:15 p.m. ET.

In addition to bullish momentum for the broader market that is having a particularly pronounced positive valuation impact for some speculative stocks, Quantum Computing's share price is getting a boost from bullish analyst coverage. The stock is now up 54% year to date as of this writing.

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Quantum tech stocks are soaring today, and Quantum Computing stands out as the top gainer in the space. Before the market opened this morning, Ascendiant Capital Markets issued new coverage on Quantum Computing. The firm maintained a buy rating on the stock and raised its one-year price target from $22 per share to $40 per share. Even after posting huge gains in today's session, Ascendiant's new price target guides for additional gains of approximately 58%.

What's next for Quantum Computing?

Some investors are making big bets that quantum computing technologies will pave the way for major advancements in artificial intelligence and cryptography-related applications. Quantum computers have already shown dramatic leaps forward in computational capacity and efficiency compared to traditional computing means, but some big questions remain as to what the ramp-up for the commercialization of the tech looks like.

While it's possible that utilization of quantum tech among public sector and private sector customers will power a dramatic surge in demand for Quantum Computing's technologies, there's still a lot of guesswork involved in charting what's next for the business and other player in the quantum space.

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Keith Noonan 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.