IonQ (NYSE:IONQ) Trading 1% Higher – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price rose 1% during mid-day trading on Monday . The stock traded as high as $13.65 and last traded at $13.43. Approximately 5,214,482 shares were traded during trading, a decline of 15% from the average daily volume of 6,169,102 shares. The stock had previously closed at $13.30.

Wall Street Analysts Forecast Growth

IONQ has been the topic of several recent research reports. Craig Hallum cut their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price objective on shares of IonQ in a research note on Wednesday, October 2nd. The Goldman Sachs Group cut their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Benchmark decreased their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Two investment 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 price target of $12.00.

IonQ Stock Performance

The stock has a market cap of $3.11 billion, a P/E ratio of -16.99 and a beta of 2.05. The firm’s fifty day simple moving average is $8.29 and its 200-day simple moving average is $8.09.

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

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the transaction, the executive now directly owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 31,125 shares of company stock worth $377,660 in the last 90 days. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Carnegie Investment Counsel acquired a new stake in shares of IonQ in the 3rd quarter valued at about $5,036,000. Oppenheimer & Co. Inc. increased its holdings in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after acquiring an additional 1,400 shares in the last quarter. Gamco Investors INC. ET AL acquired a new position in shares of IonQ during the first quarter worth approximately $185,000. Vanguard Group Inc. lifted its holdings in shares of IonQ by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock worth $221,864,000 after purchasing an additional 193,924 shares in the last quarter. Finally, Swiss National Bank grew its position in IonQ by 14.8% in the 1st quarter. Swiss National Bank now owns 343,600 shares of the company’s stock valued at $3,433,000 after purchasing an additional 44,200 shares during the period. 41.42% of the stock is 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.