IonQ Inc (NYSE:IONQ) stock is falling on Wednesday as traders take profits following a rally in the prior session. On Tuesday, the stock gained about 7% after the quantum computing hardware and network developer announced $7.5 million in follow-on funding from the Air Force Research Laboratory.
The award finances the next phase of a quantum network project in Rome, New York. The capital is part of an existing $21.1 million agreement the company originally disclosed in January 2025, not entirely new funding.
Network Expansion Scope
The second phase of the project focuses on linking dissimilar quantum systems outside laboratory environments using standard telecommunications infrastructure and open-air channels. The deployment incorporates automated tracking optics to transmit entanglement across line-of-sight paths, along with converter modules that align quantum signals with conventional telecom wavelengths.
Earnings Expectations Rise
IonQ scheduled its earnings report on Nov. 5, with analysts expecting a loss of 38 cents per share versus a loss of 17 cents a year earlier, while revenue is forecast to climb to $141.63 million from $39.87 million.
Benzinga’s analyst consensus rates the stock a Buy, with 11 of 14 analysts recommending Buy and three assigning Hold ratings. The average price target is $62, implying 94.3% upside.
On Oct. 15, Rosenblatt maintained its Buy rating but lowered its price forecast to $70, while Morgan Stanley maintained Equal-Weight and cut its forecast to $43.
Technical Analysis
The bigger-picture trend remains down: IonQ is trading 10.2% below its 20-day SMA, 16.9% below its 50-day SMA, and about 24% below both its 100-day and 200-day SMAs. With the 20-day SMA below the 50-day SMA and the 50-day SMA below the 200-day SMA (the death cross), the chart is still signaling that sellers control the intermediate trend until price can reclaim key moving averages.
From a level-to-level perspective, the stock is closer to the lower end of its 52-week range ($25.89 to $73.65) than the highs, and it’s still down 43.93% over the past 12 months.
- Key Resistance: $34
- Key Support: $30
IONQ Stock Price Activity: IonQ shares were down 3.17% at $31.91 at the time of publication on Wednesday, according to Benzinga Pro data.
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