Gold prices slip lower; consolidating after recent gains
Investing.com - Cantor Fitzgerald initiated coverage on quantum computing company IonQ, Inc. (NYSE:IONQ) with an Overweight rating and a price target of $45.00 on Wednesday. The company, currently valued at $10.49 billion, has demonstrated remarkable growth with revenue surging nearly 70% over the last twelve months, according to InvestingPro data.
The research firm noted that quantum computing remains "one of the most highly coveted technical milestones with enormous economical implications," despite still being in its early stages of development.
Cantor Fitzgerald analyst Troy Jensen acknowledged that full-scale quantum computing capabilities are likely "years away" from being realized.
The firm pointed out that investor interest in quantum computing technology has already driven significant stock appreciation in the sector.
IonQ shares are currently trading at "steep valuations based on any near-term revenue or earnings forecast," according to the Cantor Fitzgerald research note.
In other recent news, IonQ announced its definitive agreement to acquire UK-based Oxford Ionics in a $1.075 billion transaction, comprising $1.065 billion in common stock and approximately $10 million in cash. This strategic move is expected to enhance IonQ’s technology portfolio by integrating Oxford Ionics’ proprietary ion-trap-on-chip architecture. Benchmark analysts responded by raising IonQ’s stock price target to $50 from $40, maintaining a Buy rating. Additionally, IonQ has completed its acquisition of Lightsynq Technologies, involving the issuance of 12,377,433 shares of common stock as consideration. In another development, IonQ filed a prospectus with the SEC for the resale of over 900,000 shares of its common stock. The company also signed a memorandum of understanding with the Korea Institute of Science and Technology Information (KISTI) to integrate quantum computing into South Korea’s high-performance computing infrastructure. This collaboration aims to enhance research, talent development, and market opportunities in the region. IonQ’s recent activities highlight its ongoing expansion and strategic positioning within the quantum computing industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.