When building your watch list, look for stocks with an 80 or higher RS Rating. IonQ stock just cleared that benchmark with an upgrade from 78 to 84.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary RS Rating identifies market leadership by showing how a stock's price action over the last 52 weeks compares to that of other stocks on the major indexes.
History reveals that the stocks that go on to make the biggest gains tend to have an 80 or higher RS Rating as they begin their biggest runs.
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Is IonQ Stock A Buy?
IonQ stock is currently trading below its 50- and 200-day moving averages. Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the tech stock is able to form a consolidation and break out.
The quantum computing firm showed 0% earnings growth in the latest quarterly report, while sales growth came in at 122%. The company is expected to report its latest numbers on or around Feb. 28.
IonQ stock holds the No. 10 rank among its peers in the Computer-Hardware/Peripherals industry group. Logitech International and Dell Technologies Cl C are also among the group's highest-rated stocks.
