IonQ Inc (NYSE:IONQ) shares are popping on Tuesday as several analysts are reaffirming bullish outlooks following the company’s SkyWater Technology acquisition.
Rosenblatt's John McPeake on Tuesday kept a Buy rating on shares with a $100 price target, while Needham's N. Quinn Bolton reiterated a Buy rating and price target of $80. The positive analyst coverage appears to be helping boost shares on Tuesday.
The Acquisition Driving Momentum
The upbeat sentiment from analysts follows IonQ’s announcement on Monday that it will acquire U.S. chipmaker SkyWater Technology Inc (NASDAQ:SKYT) in a deal worth about $1.8 billion. SkyWater shareholders will receive $35 per share — $15 in cash and $20 in IonQ stock.
The move aligns with growing U.S. government interest in strengthening domestic semiconductor and quantum capabilities. It also adds to IonQ's recent buying streak, which includes its 2025 purchase of Oxford Ionics for more than $1 billion, along with acquisitions of Lightsynq Technologies and Capella Space.
Key Technical Levels Could Signal A Reversal
IonQ is currently positioned below key moving averages, indicating a bearish sentiment in the market. The stock is trading 6.4% below its 20-day SMA, 7.1% below its 50-day SMA and 18.3% below its 100-day SMA, which suggests that it is struggling to gain upward momentum.
With an RSI of 38.90, IonQ stock is in neutral territory, but it’s approaching levels that could indicate oversold conditions. If selling pressure eases, there might be potential for a rebound in price.
Currently, MACD is below its signal line, which indicates bearish pressure on the stock, suggesting that traders should be cautious, as the momentum is not favoring a bullish turnaround at this time.
Key support is at $45.00, and resistance is at $52.50. If IonQ’s stock tests the support level and fails to hold, it could indicate further downside, while a break above resistance could signal a potential trend reversal.
Looking at the 12-month performance, IonQ has seen a return of 17.31%, which reflects some resilience despite the recent price action. However, the current price is about 40.9% of its 52-week range, indicating that it is closer to the lower end of its trading spectrum.
IONQ Price Action: IonQ shares were up 6.09% at $46.02 at the time of publication on Tuesday, according to Benzinga Pro.
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