IonQ Sees Unusually High Options Volume (NYSE:IONQ)

IonQ, Inc. (NYSE:IONQ) saw some unusual options trading activity on Friday. Investors purchased 47,277 call options on the company. This is an increase of approximately 591% compared to the typical volume of 6,842 call options.

Wall Street Analyst Weigh In

IONQ has been the subject of several recent research reports. Craig Hallum lowered their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. The Goldman Sachs Group lowered their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Finally, Benchmark reduced their price target on IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, IonQ has an average rating of “Moderate Buy” and a consensus target price of $13.00.

Hedge Funds Weigh In On IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quest Partners LLC increased 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 valued at $46,000 after purchasing an additional 6,368 shares during the period. Redwood Wealth Management Group LLC bought a new position in IonQ in the second quarter worth about $67,000. Mosley Wealth Management purchased a new stake in IonQ in the second quarter worth about $81,000. Xponance Inc. bought a new stake in IonQ during the 2nd quarter valued at approximately $88,000. Finally, DNB Asset Management AS purchased a new position in shares of IonQ during the 2nd quarter worth approximately $117,000. Institutional investors own 41.42% of the company’s stock.

IonQ Stock Up 20.5 %

Shares of IonQ stock opened at $9.71 on Friday. The company’s fifty day simple moving average is $7.51 and its two-hundred day simple moving average is $8.03. IonQ has a 12-month low of $6.22 and a 12-month high of $16.60. The firm has a market cap of $2.08 billion, a PE ratio of -11.70 and a beta of 2.04.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The company had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. During the same period last year, the firm earned ($0.16) earnings per share. IonQ’s quarterly revenue was up 106.4% on a year-over-year basis. As a group, sell-side analysts expect that IonQ will post -0.84 earnings per share for the current fiscal year.

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.