Shares of IonQ Inc ( IONQ ) are trading higher Thursday morning after the quantum computing company announced a collaboration with the U.S. Department of Energy (DOE).

What To Know: IonQ ( IONQ ) and the DOE signed a memorandum of understanding (MOU) to advance quantum technologies in space. IonQ ( IONQ ) said it will design and showcase the execution of an orbital demonstration of quantum-secure communications using its satellite platform.

“By working alongside the DOE, we aim to demonstrate the power of quantum computing and networking to enable new applications for secure communications,” said Niccolo de Masi, chairman and CEO of IonQ ( IONQ ). “This MOU reflects the growing importance of quantum technologies in achieving global leadership in space innovation and cybersecurity.”

IonQ ( IONQ ) shares hit all-time highs on Wednesday after the company entered into a definitive agreement to acquire advanced quantum sensor company Vector Atomic. Vector has over $200 million in government contracts for national security operations.

IonQ ( IONQ ) also announced this week that it completed its acquisition of U.K.-based quantum computing company Oxford Ionics. Oxford's patented innovations in trapped ion quantum systems are expected to complement IonQ's ( IONQ ) existing hardware and software stack and support the company’s expansion into global markets.

IONQ Analysis: IonQ ( IONQ ) stock shows strong momentum, indicating bullish sentiment. Benzinga Edge rankings show IonQ ( IONQ ) has a high momentum score of 99.28, according to Benzinga Pro.

Support is identified at $65.00, which aligns with recent lows, while resistance sits at $70.00, a key psychological level. The stock is testing this resistance, and a breakout could signal further upside.

The RSI is calculated at 70.15, indicating that the stock is approaching overbought territory, which could lead to a pullback if momentum wanes. The MACD is showing a bullish crossover, but the lines are converging, hinting at potential weakening momentum.

Analyst sentiment remains positive, with Needham maintaining a Buy rating with an $80 price target on Sept. 17, Benchmark maintaining a Buy rating with a $75 price target on Sept. 16 and B. Riley Securities maintaining a Buy rating with a $75 price target on Sept. 15.

IONQ Price Action: IonQ ( IONQ ) shares were up 4.1% at $68.12 at the time of publication on Thursday, according to Benzinga Pro.

Read Next:

Apple’s Foldable iPhone Coming Soon? Tim Cook’s Company Reportedly Testing Production In Taiwan