IonQ (NYSE:IONQ) Trading 8% Higher – What’s Next?

IonQ, Inc. (NYSE:IONQ) shares traded up 8% during trading on Tuesday . The company traded as high as $15.55 and last traded at $15.52. 5,337,840 shares were traded during trading, a decline of 25% from the average session volume of 7,099,284 shares. The stock had previously closed at $14.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on IONQ shares. Benchmark lowered their price objective on IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Craig Hallum lowered their price target on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Needham & Company LLC boosted their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday. Finally, The Goldman Sachs Group lowered 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.

IonQ Stock Performance

The stock has a 50-day simple moving average of $10.49 and a two-hundred day simple moving average of $8.79.

IonQ (NYSE:IONQ) last announced 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. The firm had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The company’s revenue was up 106.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.16) EPS. As a group, equities research analysts forecast that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the sale, the executive now directly owns 648,783 shares in the company, valued at approximately $6,954,953.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 66,000 shares of company stock valued at $972,331 over the last quarter. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently modified their holdings of IONQ. Quest Partners LLC grew its position in IonQ by 4,824.2% during the 2nd 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 last quarter. Redwood Wealth Management Group LLC bought a new position in shares of IonQ in the second quarter worth approximately $67,000. nVerses Capital LLC bought a new stake in IonQ during the 3rd quarter valued at $72,000. Mosley Wealth Management purchased a new stake in IonQ during the 2nd quarter valued at $81,000. Finally, Xponance Inc. bought a new stake in IonQ in the 2nd quarter worth $88,000. 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.