IonQ Inc (NYSE:IONQ) stock is experiencing a 7.2% increase today, reaching $49.41, following Jefferies’ initiation of coverage on the quantum computing company with a “buy” rating and a $100 price target. This positive news has sparked investor interest in IONQ, especially as traders seek out potential growth opportunities heading into 2026.
Despite a recent tech selloff that caused IONQ to fall from its record high of $84.64 on Oct. 13, today’s price movement suggests a potential short-term bounce. The stock found key technical support on the charts, indicating a possible turnaround in the near future.
Schaeffer’s Senior Quantitative Analyst Rocky White notes that IONQ is currently within 0.75 of the 200-day moving average’s 20-day average true range (ATR). This metric has been above the threshold 80% of the time in the past two weeks and 80% of the last 42 trading sessions. In the past decade, similar occurrences led to the stock being higher one month later 75% of the time, with an average gain of 26.3%. If history repeats itself, IONQ could potentially reach $62.40 in the near future.
Additionally, a potential short squeeze could further boost IONQ’s performance. Short interest in the stock has been increasing and currently stands at 19.2% of the available float. With shorts needing over two days to cover their positions at the equity’s average trading pace, a short squeeze could drive the stock price higher.
Furthermore, IONQ’s Schaeffer’s Volatility Index (SVI) of 83% is at its lowest percentile within the annual range. This implies that near-term option traders are expecting extremely low volatility, making options premiums cheaper than they have been in the past year.
Overall, with positive analyst coverage, technical support on the charts, and the potential for a short squeeze, IONQ appears to be in a favorable position for future growth. Investors and traders alike are closely monitoring the stock as it navigates the volatile market conditions.
