IonQ Stock Analysis: Is IONQ Best Quantum Computing Stock For 2023?
IONQ was established in 2015 and works in the field of quantum computing. The company’s mission is to build the world’s best quantum computers.
IONQ stock price have an excellent performance over the year and gave fabulous returns to its investors. Year-to-date it gave a gigantic return of 305% and 206% in the last 6 months. However, it gets slowed down its pace recently. IONQ 1 month returns is 7.33% and last week’s return is -24.26%.
IONQ Stock Quarterly Financials and Future Outlook
IonQ, a leading quantum computing company that went public in 2021, announced its Q1 2023 results on May 18, 2023, showing strong performance and growth. The company reported a net income of $2.18 billion and an EPS of $1.44, surpassing market expectations.
The revenue was $4.3 million, higher than the previous guidance, due to some early customer activities. The bookings were $4.1 million, indicating strong customer demand and future revenue potential.
The company had $525.5 million in cash, cash equivalents, and investments, giving it ample liquidity and resources to grow and innovate. The net loss was $27.3 million, mainly because of increased operating expenses related to R&D, sales, marketing, and G&A.
The company also introduced IonQ Forte, its new quantum system based on ytterbium ions, which has higher two-qubit gate fidelity and performance than its previous systems based on aluminum ions. IonQ Forte is already running some customer jobs and will be available on all major cloud platforms later this year.
IONQ stock expects to generate $15 million to $16 million in revenue for the full year 2023, growing by 35% to 44% compared to 2022. The company also expects to achieve $25 million to $30 million in bookings for the full year 2023, growing by 2% to 22% compared to 2022.
Technical Analysis of IonQ, Inc. Stock Price in 1-D Timeframe
CMT by shubhamsm006 on TradingView.com
IonQ, Inc. ( NYSE: IONQ) is in an uptrend from the past few, months making higher high structure. Currently, IonQ, Inc. stock (NYSE: IONQ) is trading above the 50 and 200-day SMAs (Simple moving averages), which are supporting the price momentum.
If it can keep this level, the IonQ, Inc. price could continue to go up and reach the first and second targets of $21.49 and $23.73. However, if the IONQ price cannot maintain this level and falls, then it might hit the closest support levels of $14.85 and $10.45.
The current value of RSI is 46.08 points. The 14 SMA is above the median line at 62.80 points which indicates that the IonQ, Inc. stock is bullish.
The MACD line at 0.9189 and the signal line at 1.34 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the IONQ stock price.
Summary
IonQ stock price-technical oscillators also support the bullish trend. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the IONQ stock price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, Investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
- Support Levels: The closest support levels for the IonQ, Inc. stock price are $14.85 and $10.45.
- Resistance levels: The closest resistance levels for the IONQ stock price are $21.49 and $23.73.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
