IonQ Inc. (IONQ) shares soared 5.06% during intraday trading on Monday, following a fresh analyst endorsement that highlights continued positive momentum for the quantum computing firm.

The move comes after Northland Capital Markets analyst Nehal Chokshi initiated coverage on IonQ with an Outperform rating and set a price target of $55. This bullish initiation follows a period of significant volatility for the stock, which surged approximately 50% last week after the company secured a contract win for DARPA's HARQ program.

While shares dipped on Friday as some investors locked in gains from the previous week's rally, the new analyst coverage appears to have reignited investor optimism, contributing to the stock's strong performance during Monday's session.