B. Riley Initiates Buy on IonQ (IONQ), Citing Quantum Growth

IonQ, Inc. (NYSE:IONQ) is one of the best tech stocks to buy according to hedge funds. On August 27, B. Riley’s analyst Craig Ellis initiated coverage of quantum computing stock IonQ, Inc. (NYSE:IONQ). Ellis gave IonQ a Buy Rating along with a 12-month price target of $61. As of September 2, the stock was trading at $42.42, which implies an upside of 43.8%.

Ellis noted that the company is the sector’s revenue growth leader, with three consecutive years of 100% year-over-year growth. Ellis cited the “progressing” pipeline, with a fifth-generation product set to launch later this year.

The company is making huge strides with a focus on its trapped-ion technology. The trapped ion technology helps generate extremely reliable quantum bits (qubits) that can stay stable for a long time and work accurately.  This is crucial for solving extremely complex problems that conventional computers can’t handle. The trapped Ion technology also provides a cost advantage over other methods like superconducting qubits.

IonQ, Inc. (NYSE:IONQ) has also acquired some companies to help expedite its progress in quantum computing. For example, it acquired Oxford Ionics, a company that develops technology promising higher ion trap density, which helps improve computing power.

READ NEXT: 11 Best Stocks to Invest in for Long Term Growth and 10 Best Growth Stocks to Buy According to Analysts.

Disclosure: None.