IonQ (NYSE:IONQ) Trading 7.8% Higher – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) was up 7.8% during mid-day trading on Thursday . The company traded as high as $16.14 and last traded at $15.89. Approximately 8,641,858 shares traded hands during trading, an increase of 33% from the average daily volume of 6,489,802 shares. The stock had previously closed at $14.74.

Wall Street Analyst Weigh In

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

IonQ Price Performance

The stock has a market capitalization of $3.25 billion, a P/E ratio of -18.11 and a beta of 2.05. The business’s 50 day simple moving average is $8.76 and its 200-day simple moving average is $8.22.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. During the same period in the previous year, the firm posted ($0.16) EPS. The firm’s revenue was up 106.4% compared to the same quarter last year. Research analysts anticipate that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 9,875 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total value of $115,735.00. Following the transaction, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 31,125 shares of company stock worth $377,660 in the last ninety days. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

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

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.