What's Going On With IonQ Stock?

IonQ, Inc. IONQ shares are trading higher Wednesday. Despite a lack of company-specific news, the stock is moving on above-average volume, adding to strong gains for the week. 

What To Know: IonQ shares surged on Monday after Needham analyst Quinn Bolton maintained a Buy rating and raised the price target from $9 to $11.

The Needham analyst noted that he believes IonQ can become a positive cash flow generator without raising additional capital due to its strong cash balance. He also praised the company's new developments.

Bolton 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.

Wednesday's trading volume has already exceeded 29 million while IonQ's average session volume is just under 9 million, according to Benzinga Pro.

The stock also has relatively high short interest of 12.64%, which could be helping fuel Wednesday's rally. IONQ was trending on Stocktwits at last check.

Related Link: Sirius XM Analyst Sees Potential To Reach Double-Digit Stock Price

IONQ Price Action: IonQ shares are up more than 45% over the last week.

The stock was up 25.4% at $13.54 at the time of publication, according to Benzinga Pro.

Image by Tobias Dahlberg from Pixabay