IonQ (NYSE:IONQ) Shares Up 9.8% Following Analyst Upgrade

IonQ, Inc. (NYSE:IONQ)’s stock price was up 9.8% during mid-day trading on Friday after Craig Hallum raised their price target on the stock from $15.00 to $22.00. Craig Hallum currently has a buy rating on the stock. IonQ traded as high as $25.68 and last traded at $24.27. Approximately 26,763,076 shares were traded during trading, an increase of 253% from the average daily volume of 7,581,487 shares. The stock had previously closed at $22.11.

A number of other equities research analysts also recently issued reports on the stock. Needham & Company LLC increased their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday. Benchmark raised their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday. Finally, The Goldman Sachs Group cut 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.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. This trade represents 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 sold 66,000 shares of company stock valued at $972,331 over the last three months. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quest Partners LLC raised its holdings 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 buying an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new position in shares of IonQ in the second quarter valued at about $67,000. nVerses Capital LLC bought a new position in shares of IonQ during the third quarter valued at about $72,000. Mosley Wealth Management purchased a new stake in shares of IonQ during the second quarter worth about $81,000. Finally, Xponance Inc. bought a new stake in shares of IonQ in the second quarter worth about $88,000. Institutional investors own 41.42% of the company’s stock.

IonQ Price Performance

The company has a market capitalization of $4.92 billion, a P/E ratio of -30.72 and a beta of 1.89. The company has a 50 day moving average of $10.49 and a 200-day moving average of $8.79.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same period last year, the firm posted ($0.22) earnings per share. IonQ’s quarterly revenue was up 102.1% on a year-over-year basis. Research analysts predict that IonQ, Inc. will post -0.84 EPS 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.