IonQ (NYSE:IONQ) Stock Price Up 0.6% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) rose 0.6% during trading on Thursday . The stock traded as high as $42.40 and last traded at $37.72. Approximately 14,803,508 shares were traded during mid-day trading, an increase of 44% from the average daily volume of 10,271,984 shares. The stock had previously closed at $37.50.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IONQ. Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC raised their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. DA Davidson started coverage on shares of IonQ in a research note on Thursday. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, Benchmark boosted their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.60.

IonQ Stock Performance

The company has a market capitalization of $9.61 billion, a PE ratio of -54.84 and a beta of 2.49. The stock’s fifty day simple moving average is $25.74 and its 200-day simple moving average is $13.99.

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

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now directly owns 571,321 shares in the company, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the transaction, the chief financial officer now directly owns 926,114 shares in the company, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,223 shares of company stock valued at $2,286,983 over the last quarter. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its stake 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 acquiring an additional 135,851 shares in the last quarter. Carnegie Investment Counsel acquired a new position in IonQ during the 3rd quarter worth $5,036,000. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ in the 3rd quarter valued at about $3,749,000. Rockefeller Capital Management L.P. lifted its position in shares of IonQ by 34.2% during the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after purchasing an additional 111,435 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in IonQ in the third quarter worth about $1,631,000. Hedge funds and other institutional investors 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.