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IonQ stock price has formed a rare extremely bullish pattern

IonQ (NYSE: IONQ) stock price has made a spectacular recovery after the company made a strong recovery. The shares jumped to a high of $11.38, the highest level since April 12. The stock has been in a strong recovery, having risen by over 271% from the lowest level this year.

IonQ is doing well

IonQ is a technology company that is in the quantum computing industry. Quantum computing is an advanced type of computing that is more advanced than what we normally use. The company has three key products.

First, it has IonQ Harmony, which is commercially available across all major cloud services like Google Cloud and Amazon AWS. Second, IonQ has built Aria, which is available on the IonQ Quantum Cloud and select public clouds. Finally, the company has Forte, which is a software-configurable quantum computer.

IonQ published strong financial results earlier this month. Its first-quarter revenue jumped to over $4.3 million while bookings jumped to $4.1 million. The company hopes to make between $38 million and $42 million this year. These are strong results since IonQ has just started its commercialization phase.

For the second quarter, the company expects that its revenue will jump to between $18.8 million and $19.2 million. Therefore, while IonQ is still losing money, its revenue growth seem encouraging. Further, the company’s balance sheet is relatively strong, with its cash and short-term investments standing at $387 million. As such, there will be no more dilution this year.

Analysts are bullish on IONQ shares. However, those tracking the company believe that the stock could retreat. Morgan Stanley has an equal weight rating with target of $7. Benchmark and Needham have a target price of $8 and $9.

Analysts believe that IONQ will turn profitable in 2027 when they expect its revenue will jump to over $315 million.

IONQ stock price forecast

IONQ chart by TradingView

On the daily chart, we see that the IONQ share price has been in a strong bullish trend in the past few weeks. It has crossed the important resistance level at $7.23, the highest point on April 10. This price was also along the neckline of the inverted head and shoulders pattern.

The stock has moved to the 23.6% Fibonacci Retracement levek. It has also formed a golden cross pattern, which is usually a bullish sign. Therefore, the shares will likely continue rising as buyers target the 38.2% retracement point at $15.90.

The post IonQ stock price has formed a rare extremely bullish pattern appeared first on Invezz.

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