IonQ (NYSE:IONQ) Stock Price Up 1.9% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price was up 1.9% on Thursday . The company traded as high as $31.97 and last traded at $29.40. Approximately 18,332,854 shares changed hands during mid-day trading, an increase of 108% from the average daily volume of 8,816,512 shares. The stock had previously closed at $28.86.

Analyst Ratings Changes

IONQ has been the subject of several research reports. Craig Hallum upped their target price on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Benchmark lifted their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group cut their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, Needham & Company LLC lifted their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

IonQ Trading Down 3.0 %

The firm has a market cap of $6.88 billion, a P/E ratio of -39.26 and a beta of 1.89. The business’s fifty day simple moving average is $15.21 and its 200-day simple moving average is $10.31.

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

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the transaction, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. This trade represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 66,000 shares of company stock valued at $972,331. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of institutional investors and hedge funds have recently made changes to their positions in IONQ. Arete Wealth Advisors LLC purchased a new stake in shares of IonQ in the third quarter worth $91,000. Geode Capital Management LLC grew its position in IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after purchasing an additional 199,360 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in IonQ during the 3rd quarter valued at about $1,631,000. Main Management ETF Advisors LLC bought a new stake in IonQ during the 3rd quarter valued at about $1,865,000. Finally, Zacks Investment Management raised its holdings in IonQ by 10.0% in the third quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock worth $1,352,000 after buying an additional 14,072 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

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.