Shares of IonQ (IONQ 16.51%), the high-flying quantum computing stock, were moving higher today after the company earned some recognition from Forbes and other media outlets.
Given the volatility in the quantum computing sector, that was enough for IonQ to gain 14.7% as of 1:46 p.m. ET.
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IonQ is named a top pick
In a press release this morning, IonQ said that it was just named one of “America’s Most Successful Mid-Cap Companies” by Forbes. Additionally, Investor’s Business Daily named it one of its best companies in 2024, and Built In put it on its list of “2025 Best Places to Work.”
Those accolades give IonQ some credibility with investors at a time when it’s emerged as a battleground stock. CEO Peter Chapman said, “These achievements are a testament to the exceptional work of our team, whose dedication and ingenuity are driving the quantum computing future.”
IonQ is the biggest of a group of quantum computing stocks that have gotten a lot of attention since Alphabet announced a milestone achievement with its Willow quantum computing chip.
What’s next for IonQ?
It’s not unusual for a company to tout accolades like these, but it is unusual for a stock to move so much on that news.
IonQ soared in the wake of Alphabet’s Willow announcement, and the stock now has a market cap of $10 billion, which seems lofty for a company with less than $40 million in revenue over the last four quarters, giving it a price-to-sales ratio of 200.
While IonQ is growing quickly, with revenue doubling in its most recent quarter, the stock still has a lot to prove. With high expectations baked into the quantum computing sector now, investors should be cautious.
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.
