IonQ (NYSE:IONQ) Sees Large Volume Increase – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) saw strong trading volume on Monday . 2,915,132 shares changed hands during mid-day trading, a decline of 51% from the previous session’s volume of 5,927,059 shares.The stock last traded at $10.85 and had previously closed at $10.66.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Craig Hallum reduced their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Benchmark decreased their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price objective on shares of IonQ in a research note on Wednesday, October 2nd. Finally, The Goldman Sachs Group cut their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

IonQ Stock Performance

The firm’s 50-day simple moving average is $7.95 and its 200-day simple moving average is $8.03. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -12.65 and a beta of 2.05.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The business had revenue of $11.38 million for the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The firm’s revenue for the quarter was up 106.4% compared to the same quarter last year. During the same period last year, the business earned ($0.16) earnings per share. Equities research analysts forecast that IonQ, Inc. will post -0.84 earnings per share for the current year.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Oppenheimer & Co. Inc. lifted its position in shares of IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after buying an additional 1,400 shares during the period. Arizona State Retirement System raised its stake in IonQ by 3.6% during the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after acquiring an additional 1,731 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of IonQ by 10.5% during the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after acquiring an additional 2,805 shares during the period. Quest Partners LLC boosted its stake in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of IonQ by 40.6% in the 2nd quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock worth $188,000 after purchasing an additional 7,744 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

IonQ, Inc engages in the development of general-purpose quantum computing systems in the United States. It sells access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, as well as through its cloud service.