IonQ Inc (NYSE:IONQ) stock surged 7.2% to $49.41 after Jefferies gave it a “buy” rating and $100 price target. The recent tech selloff widened the gap from its Oct. 13 high of $84.64, but today’s bounce could signal a short-term reversal. IONQ is close to a key moving average, a signal that historically leads to a 26.3% gain.

Short interest in IONQ is high at 19.2% of float, potentially fueling a short squeeze. The stock’s Schaeffer’s Volatility Index (SVI) is at 83%, indicating low volatility expectations. Option traders are pricing in minimal volatility, making premiums cheaper than they have been in the past year.

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