IonQ (NYSE:IONQ) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) saw unusually-high trading volume on Thursday . Approximately 8,819,803 shares were traded during mid-day trading, an increase of 1% from the previous session’s volume of 8,761,971 shares.The stock last traded at $31.56 and had previously closed at $28.86.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on IONQ shares. The Goldman Sachs Group lowered their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Craig Hallum increased their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark boosted their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC increased their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

IonQ Trading Down 3.0 %

The firm has a 50 day moving average price of $15.21 and a 200 day moving average price of $10.31. The stock has a market capitalization of $6.88 billion, a PE ratio of -39.26 and a beta of 1.89.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. During the same quarter in the previous year, the company earned ($0.22) EPS. The business’s quarterly revenue was up 102.1% compared to the same quarter last year. On average, equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In related news, CRO Rima Alameddine sold 22,875 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the transaction, the executive now owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. This represents a 3.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 66,000 shares of company stock worth $972,331. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of IonQ by 5.1% during the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock worth $188,062,000 after purchasing an additional 918,265 shares in the last quarter. Geode Capital Management LLC boosted its stake in IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares during the period. State Street Corp grew its holdings in IonQ by 1.8% during the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after buying an additional 75,596 shares in the last quarter. SG Americas Securities LLC raised its position in shares of IonQ by 27.3% during the second quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock valued at $18,661,000 after buying an additional 569,906 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after buying an additional 135,851 shares in the last quarter. 41.42% of the stock is owned by institutional investors.

About IonQ

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.