IonQ (NYSE:IONQ) Trading Up 10.8%

IonQ, Inc. (NYSE:IONQ)’s share price traded up 10.8% on Tuesday . The stock traded as high as $7.34 and last traded at $7.28. 4,694,243 shares were traded during trading, a decline of 19% from the average session volume of 5,776,516 shares. The stock had previously closed at $6.57.

Analyst Ratings Changes

Separately, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of IonQ in a research report on Thursday, May 16th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.50.

IonQ Price Performance

The stock has a market capitalization of $1.52 billion, a PE ratio of -8.57 and a beta of 2.06. The firm’s 50 day simple moving average is $7.70 and its 200 day simple moving average is $8.92.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, May 8th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.07. IonQ had a negative net margin of 671.00% and a negative return on equity of 31.76%. The company had revenue of $7.58 million for the quarter, compared to analysts’ expectations of $7.08 million. During the same quarter last year, the company earned ($0.14) EPS. The firm’s revenue was up 76.9% compared to the same quarter last year. Analysts expect that IonQ, Inc. will post -0.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Peter Hume Chapman sold 5,936 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $46,835.04. Following the transaction, the chief executive officer now owns 445,297 shares in the company, valued at $3,513,393.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Peter Hume Chapman sold 5,936 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total value of $46,835.04. Following the sale, the chief executive officer now directly owns 445,297 shares of the company’s stock, valued at $3,513,393.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 9,807 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $77,377.23. Following the transaction, the executive now directly owns 687,840 shares of the company’s stock, valued at approximately $5,427,057.60. The disclosure for this sale can be found here. Insiders have sold a total of 20,353 shares of company stock worth $160,585 in the last ninety days. 11.60% of the stock is owned by insiders.

Institutional Trading of IonQ

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mosley Wealth Management purchased a new stake in IonQ in the second quarter worth $81,000. National Bank of Canada FI increased its stake in shares of IonQ by 26.1% in the 4th quarter. National Bank of Canada FI now owns 8,000 shares of the company’s stock worth $97,000 after acquiring an additional 1,655 shares in the last quarter. DNB Asset Management AS bought a new stake in IonQ during the second quarter worth about $117,000. QCM Cayman Ltd. purchased a new stake in IonQ in the first quarter worth about $120,000. Finally, Prospect Financial Services LLC bought a new position in shares of IonQ during the fourth quarter valued at approximately $124,000. Hedge funds and other 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.