IonQ (NYSE:IONQ) Shares Up 0.6% – Here’s What Happened

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on IONQ shares. Needham & Company LLC boosted their price objective 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. Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Craig Hallum lifted their price objective on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, DA Davidson started coverage on IonQ in a research note on Thursday. They issued a “buy” rating and a $50.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

IonQ Stock Performance

The firm has a 50-day moving average of $24.51 and a 200-day moving average of $13.57. The firm has a market capitalization of $8.02 billion, a P/E ratio of -45.78 and a beta of 2.49.

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

Insider Activity

In related news, CRO Rima Alameddine sold 9,875 shares of the company’s 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 completion of the sale, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This 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 can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value 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 $27,524,108.08. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,223 shares of company stock valued at $2,286,983 over the last three months. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IONQ. Quest Partners LLC increased its stake in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new position in shares of IonQ during the 2nd quarter valued at about $67,000. nVerses Capital LLC purchased a new position in shares of IonQ during the 3rd quarter valued at about $72,000. Mosley Wealth Management bought a new position in shares of IonQ during the 2nd quarter valued at approximately $81,000. Finally, Xponance Inc. bought a new stake in IonQ during the 2nd quarter worth approximately $88,000. 41.42% of the stock is currently owned by institutional investors.

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.