IonQ (NYSE:IONQ) Reaches New 1-Year High – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $43.94 and last traded at $41.01, with a volume of 10086759 shares traded. The stock had previously closed at $41.81.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Needham & Company LLC raised their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark increased their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Craig Hallum boosted their target price on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Trading Down 3.1 %

The stock has a market capitalization of $8.77 billion, a price-to-earnings ratio of -50.40 and a beta of 2.49. The stock has a fifty day moving average of $23.26 and a two-hundred day moving average of $13.15.

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

Insiders Place Their Bets

In other news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the sale, the executive now directly owns 638,908 shares in the company, valued at $7,488,001.76. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,223 shares of company stock valued at $2,286,983. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently modified their holdings of the business. Arizona State Retirement System increased 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 worth $348,000 after purchasing an additional 1,731 shares in the last quarter. Verity Asset Management Inc. boosted its holdings in shares of IonQ by 12.4% in the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock valued at $296,000 after buying an additional 3,736 shares during the period. HighTower Advisors LLC increased its position in shares of IonQ by 29.3% during the third quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after acquiring an additional 4,288 shares in the last quarter. Quest Partners LLC raised its holdings 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 worth $46,000 after acquiring an additional 6,368 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in 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 period. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.