IonQ (NYSE:IONQ) Trading Up 5.1% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price traded up 5.1% during mid-day trading on Thursday . The stock traded as high as $32.37 and last traded at $32.21. 24,277,856 shares were traded during mid-day trading, an increase of 163% from the average session volume of 9,235,802 shares. The stock had previously closed at $30.65.

Wall Street Analyst Weigh In

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

IonQ Stock Up 5.1 %

The firm has a fifty day moving average of $16.61 and a 200-day moving average of $10.79. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of -39.76 and a beta of 1.89.

IonQ (NYSE:IONQ) last announced its quarterly 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). The firm had revenue of $12.40 million during 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%. The company’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.22) EPS. As a group, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the sale, the executive now owns 638,908 shares of the company’s stock, valued at $7,488,001.76. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 66,000 shares of company stock valued at $972,331 in the last ninety days. Corporate insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System raised its position in shares of IonQ by 3.6% in the second 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. Verity Asset Management Inc. raised its holdings in IonQ by 12.4% in the 3rd quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock valued at $296,000 after acquiring an additional 3,736 shares during the last quarter. HighTower Advisors LLC lifted its stake in shares of IonQ by 29.3% during the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after purchasing an additional 4,288 shares during the period. Quest Partners LLC boosted 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 purchasing an additional 6,368 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of IonQ by 40.6% in the second quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock valued at $188,000 after purchasing an additional 7,744 shares during the period. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.