IonQ Stock Rides Upgrades to Record High

Shares of IonQ (NYSE:IONQ) are up 5.8% to trade at $58.81 after the quantum computing hardware manufacturer received a series of bull notes. Needham Securities raised its price target to $80 from $60, while B. Riley Securities later lifted theirs to $75 from $61. The company's recent buzzy Analyst Day presentation and the completion of its Oxford Ionics acquisition continue to generate excitement among investors, analysts, and traders.

Earlier today, IonQ hit a new all-time high of $59.16, surpassing last week's brief record. The stock is on track to extend its three-day streak and build on its staggering 658.8% year-over-year surge. Riding momentum from its recent bear gap, IonQ is now eyeing a move above the $60 level for the first time.

A short squeeze could keep the wind at the equity's back. Short interest increased by 27% in the most recent reporting period, with the 44.33 million shares sold short accounting for 15.5% of IONQ's total available float. 

Despite the recent jump, long-term sentiment remains bearish, especially after its recent post-earnings slump. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity boasts a 50-day put/call volume ratio of 2.53 that ranks in the highest percentile of annual readings. An unwinding of these bearish bets could push IONQ higher. 

The stock is seeing increased attention in the options pits today, with 73,000 calls and 34,000 puts traded so far today, double the usual intraday volume. The most popular contract is the monthly 60-call strike, followed by the 48-put strike in the same series.