Is Quantum Computing a Buy?
Quantum computing stocks rocketed higher last week, fueled by a flurry of positive news. On Sept. 17, the Department of Energy named IonQ a partner in its Quantum-in-Space collaboration. The next day, Rigetti Computing announced that the Air Force Research Laboratory awarded the company a $5.8 million contract to help connect superconducting quantum computers to fiber optic networks.
They say a rising tide lifts all boats, and the news seemed to rejuvenate investor enthusiasm in the entire quantum computing sector. Quantum Computing (NASDAQ: QUBT) ripped 37% higher last week, without any press releases from the company. However, the stock appeared to get an extra boost from a perfectly timed analyst note. On Sept. 18, Max Michaelis of Lake Street Capital Markets initiated coverage of Quantum Computing with a buy rating and $24 price target.
Over the past 12 months, Quantum Computing stock has exploded 3,150% higher, as of Sept. 19. But up until last week's rally, the share price had been drifting in and out of negative territory for the year. Has anything fundamentally changed for Quantum Computing (commonly known as QCi) over the past week? Let's take a closer look.
Source Fool.com
