IonQ (NYSE:IONQ) Trading Up 2.5% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price traded up 2.5% on Friday . The company traded as high as $16.37 and last traded at $16.11. 8,220,363 shares were traded during mid-day trading, an increase of 25% from the average session volume of 6,563,112 shares. The stock had previously closed at $15.71.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on IONQ shares. The Goldman Sachs Group cut their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price target on shares of IonQ in a report on Wednesday, October 2nd. Craig Hallum decreased their target price on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Benchmark reduced their price objective on IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

IonQ Stock Up 6.7 %

The business has a 50 day simple moving average of $8.92 and a 200-day simple moving average of $8.27. The company has a market capitalization of $3.54 billion, a P/E ratio of -19.93 and a beta of 2.05.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. The firm had revenue of $11.38 million during the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. IonQ’s revenue was up 106.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.16) EPS. Equities analysts forecast that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 11,375 shares of IonQ stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $13.72, for a total transaction of $156,065.00. Following the sale, the executive now directly owns 627,533 shares in the company, valued at $8,609,752.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 31,125 shares of company stock valued at $377,660. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Carnegie Investment Counsel bought a new position in IonQ during the third quarter valued at about $5,036,000. Oppenheimer & Co. Inc. boosted its holdings in IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after buying an additional 1,400 shares in the last quarter. Gamco Investors INC. ET AL acquired a new position in IonQ in the first quarter worth approximately $185,000. Vanguard Group Inc. grew its position in IonQ by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock worth $221,864,000 after buying an additional 193,924 shares during the last quarter. Finally, Swiss National Bank increased its holdings in shares of IonQ by 14.8% in the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock valued at $3,433,000 after buying an additional 44,200 shares in the last quarter. 41.42% of the stock is owned by 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.