IonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price was up 8% during mid-day trading on Tuesday . The company traded as high as $15.55 and last traded at $15.52. Approximately 5,337,840 shares traded hands during trading, a decline of 25% from the average daily volume of 7,099,284 shares. The stock had previously closed at $14.37.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. The Goldman Sachs Group dropped their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Craig Hallum dropped their price target on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Benchmark decreased their price objective 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.
IonQ Price Performance
IonQ (NYSE:IONQ – Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. The firm had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The company’s quarterly revenue was up 106.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.16) EPS. As a group, analysts expect that IonQ, Inc. will post -0.84 earnings per share 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 dated Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the transaction, the executive now owns 592,658 shares in the company, valued at $10,519,679.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by corporate insiders.
Institutional Trading of IonQ
Institutional investors have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. raised its holdings in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after purchasing an additional 1,400 shares during the last quarter. Arizona State Retirement System raised its stake in IonQ by 3.6% during the 2nd 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 during the last quarter. ProShare Advisors LLC lifted its holdings in shares of IonQ by 10.5% during the 1st 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 during the period. Verity Asset Management Inc. boosted its stake in shares of IonQ by 12.4% in the 3rd quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock worth $296,000 after buying an additional 3,736 shares during the last quarter. Finally, Quest Partners LLC grew its holdings in shares of IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares during the period. 41.42% of the stock is currently owned by hedge funds and other 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.
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