IonQ (IONQ 9.59%) stock closed out this week's trading solidly in the green. While the company's share price had been up double digits at one point, it still managed to end the week up 5.5% even after a pullback in conjunction with volatility for the broader market.
While there wasn't any major, business-specific news for IonQ this week, the quantum computing company's share price moved higher in conjunction with broader excitement surrounding quantum stocks and quarterly reports from other players in the space. The stock is now up 16% year to date.
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IonQ stock rose as investors stay bullish on quantum
Quantum stocks have generally been enjoying bullish momentum over the last couple of months, and IonQ continued to gain ground in conjunction with the trend. The company's gains this week were likely also partially supported by Quantum Computing's strong first-quarter report.
Quantum Computing published its Q1 results on May 11, posting stronger-than-expected sales and a loss that was significantly lower than the average analyst estimate. The company also said that it expects Luminar Semiconductor, a photonics company that it acquired, to deliver sales between $20 million and $25 million this year. The quarterly report powered big gains for Quantum Computing stock, and the momentum extended to other players in the industry.
NYSE: IONQ
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What's next for IonQ?
IonQ is guiding for a strong commercialization ramp this year. The company is targeting sales between $260 million and $270 million and organic sales growth above 100%. Meanwhile, management is targeting a non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) loss between $310 million and $330 million. IonQ's sales ramp has been encouraging, but the company is still posting big losses and trading at roughly 72 times this year's expected sales -- so investors should understand that the stock comes with a lot of risk.
