Wall Street Still Loves These 3 Quantum Stocks, But The Data Says Otherwise
Wedbush, a multibillion-dollar US investment firm, still rates three of the market's hottest quantum stocks a buy. Yet there is a catch, because institutional money is quietly leaving them.
Every one of these stocks has corrected sharply this month, down between 24% and 36%. Yet the buy ratings still stand from spring and have not been cut to hold or sell. Meanwhile, the money-flow data tells the opposite story.
IonQ (NYSE: IONQ)
The stock has dropped 36% this month to $34.07, far below its $84.64 high, yet it is still the biggest of the three by market value, near $12.7 billion.
Its business is also growing fast. IonQ reported that first-quarter revenue jumped 755% to $64.7 million, that its order backlog, meaning work sold but not yet delivered, rose 554% to about $470 million, and that it held roughly $3.1 billion in cash. The company also said it sold its first 256-qubit quantum computer to the University of Cambridge.
Even after the drop, analysts have not cut their calls, keeping buy ratings with Rosenblatt near $100, Wedbush at $75, and Northland at $70, though those targets date to May and June.
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