IonQ (NYSE:IONQ) Sees Large Volume Increase – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) saw an uptick in trading volume on Wednesday . 10,259,263 shares were traded during trading, an increase of 1% from the previous session’s volume of 10,134,744 shares.The stock last traded at $42.09 and had previously closed at $43.84.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC lifted their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson started coverage on shares of IonQ in a research note on Thursday. They issued a “buy” rating and a $50.00 price objective for the company. Benchmark boosted their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Craig Hallum increased their price target on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.00.

IonQ Trading Up 0.7 %

The stock’s 50-day moving average price is $25.07 and its 200-day moving average price is $13.74. The company has a market cap of $8.17 billion, a P/E ratio of -46.62 and a beta of 2.49.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. The company’s quarterly revenue was up 102.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.22) EPS. On average, research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the transaction, the chief financial officer now directly owns 926,114 shares in the company, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,223 shares of company stock worth $2,286,983. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares during the last quarter. State Street Corp grew its holdings in shares of IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after acquiring an additional 75,596 shares during the period. Charles Schwab Investment Management Inc. increased its position in IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after acquiring an additional 135,851 shares during the last quarter. Bank of New York Mellon Corp boosted its position in IonQ by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock worth $6,443,000 after purchasing an additional 131,439 shares during the last quarter. Finally, FMR LLC grew its stake in shares of IonQ by 7.2% during the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares during the period. 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.