Quantum computing stocks to watch in the stock market today.
The quantum computing industry is poised to revolutionize the way we understand computing and data processing, opening up unprecedented opportunities for advancements in various sectors such as healthcare, finance, and cybersecurity. Unlike classical computers, which use bits as the basic unit of information, quantum computers utilize quantum bits or “qubits,” which can exist in multiple states simultaneously. This inherent ability to perform complex computations at speeds unimaginable with today’s technology makes quantum computing a potential game-changer, capable of solving problems that are currently intractable for classical computers.
For investors interested in quantum computing stocks, the sector presents a high-growth, high-risk landscape filled with both opportunities and uncertainties. Many companies in this emerging field are still in the early stages of development but show significant promise in commercial applications. However, the industry also comes with its share of technical challenges, which could impact the growth of quantum computing stocks.
Despite these hurdles, if successfully navigated, the upside for investors could be substantial. Therefore, it is crucial for investors to conduct thorough due diligence, understand the market dynamics, and possibly diversify their investments across different companies focusing on various aspects of quantum computing to mitigate risk. Taking this into consideration, here are three quantum computing stocks to watch in the stock market now.
Quantum Computing Stocks To Watch Right Now
IonQ (IONQ Stock)
Leading off, IonQ Inc. (IONQ) is a leading company in the field of quantum computing. IonQ focuses on the development of quantum hardware and software with the aim of bringing quantum computing into commercial viability. Its proprietary technology aims to build scalable and fault-tolerant quantum computers that promise to outperform classical computing systems in various applications.
Earlier this month, IonQ announced its second quarter 2023 financial results. Diving in, the company posted a loss of $0.16 per share, with revenue of $5.52 million for Q2 2023. This came in line with analysts’ consensus estimates for the quarter which were a loss of $0.16 per share and revenue estimates of $4.35 million. As a result, revenue grew by 111.46% versus the same period, the year prior.
So far in 2023, shares of IONQ stock have surged by a whopping 323.99% year-to-date. Meanwhile, as of this past Friday’s closing bell, IONQ stock is trading at $14.67 a share.
Source: TD Ameritrade TOS
Intel Corp. (INTC Stock)
Second, Intel Corporation (INTC) is a multinational technology company. The company is known primarily for its microprocessor chips, Intel has been a leader in the computing industry for decades. The company has recently ventured into emerging technology sectors, including artificial intelligence, cloud computing, and quantum computing.
Back in July, Intel reported a beat for its second quarter 2023 earnings results. In detail, the company notched in Q2 2023 earnings of $0.10 per share, with revenue of $12.95 billion. This is compared to Wall Street’s consensus estimates which were a loss of $0.04 per share, and revenue of $12.08 billion. Though the company beat expectations, revenue fell by 15.48% on a year-over-year basis.
Year-to-date, shares of INTC stock have advanced by 24.39% thus far. Moreover, as of this past Friday’s closing bell, Intel stock closed the day up 2.03% at $33.25 a share.
Source: TD Ameritrade TOS
Honeywell International (HON Stock)
Finally, Honeywell International Inc. (HON) is a diversified technology and manufacturing company. While it operates in multiple sectors including aerospace, building technologies, and safety and productivity solutions, Honeywell has also been actively involved in the development of quantum computing technologies.
At the end of July, Honeywell also reported its second quarter 2023 financial results. In the quarter, the company announced earnings per share of $2.23 with revenue of $9.15 billion. This is in comparison with analysts’ estimates which were earnings of $2.24 per share, on revenue of $9.18 billion. Though, revenue increased by 2.16% versus the same period, the previous year.
YTD, shares of Honeywell International have fallen by 13.07% so far. However, as of the end of the trading day this past Friday, shares of HON stock closed the day modestly higher by 0.62% at $186.30 a share.
Source: TD Ameritrade TOS
Originally Posted August 27, 2023 – Stocks To Consider Right Now? 3 Quantum Computing Stocks To Know
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