What's Going On With IonQ Stock?

IonQ, Inc. IONQ shares traded higher on Monday after Needham analyst Quinn Bolton maintained a Buy rating on the stock and raised its price target from $9 to $11.

What To Know: The Needham analyst believes IonQ can become a positive cash flow generator without raising additional capital due to its strong cash balance. Bolton praised IonQ's new developments, including its latest generation system, Forte 29-Qubit, which is likely to help support revenue growth.

The analyst also expressed confidence in the company's QC technology and its ability to deliver on its roadmap. He cited a transaction with Switzerland-based QuantumBasel as evidence and noted that the company is seeing interest from several other potential customers.

IonQ also increased 2023 bookings expectations by 25% to $50 million at the end of last week, a sign that things are moving in the right direction.

Related Link: IonQ's Exciting Developments: Forte 29-Qubit System And System Sale Transaction Set To Drive Revenue Growth: Analyst

IONQ Price Action: Shares of IONQ closed Monday up 10.2% at $10.33, according to Benzinga Pro.

Image: courtesy of IonQ