IonQ (NYSE:IONQ) Shares Up 1.6% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price traded up 1.6% on Friday . The stock traded as high as $27.39 and last traded at $26.58. 12,036,308 shares were traded during mid-day trading, an increase of 46% from the average session volume of 8,267,759 shares. The stock had previously closed at $26.16.

Analyst Ratings Changes

A number of research firms have commented on IONQ. Needham & Company LLC increased their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Craig Hallum upped their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. 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 report on Friday, August 9th. Finally, Benchmark upped their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

IonQ Price Performance

The company has a market cap of $5.96 billion, a P/E ratio of -35.80 and a beta of 1.89. The stock has a fifty day moving average price of $12.55 and a two-hundred day moving average price of $9.47.

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). The business had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company’s revenue was up 102.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) EPS. As a group, analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares in the company, valued at $10,519,679.50. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders have sold 66,000 shares of company stock valued at $972,331. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. raised its holdings in shares of IonQ by 4.0% in the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after purchasing an additional 1,400 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of IonQ by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after acquiring an additional 1,731 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of IonQ by 10.5% in the 1st quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock worth $294,000 after acquiring an additional 2,805 shares during the last quarter. Verity Asset Management Inc. raised its position in shares of IonQ by 12.4% during the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock worth $296,000 after purchasing an additional 3,736 shares during the period. Finally, HighTower Advisors LLC lifted its holdings in shares of IonQ by 29.3% during the third quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock valued at $166,000 after purchasing an additional 4,288 shares during the last quarter. 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.