IonQ (NYSE:IONQ) Shares Up 2.2% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) rose 2.2% on Monday . The company traded as high as $35.24 and last traded at $32.49. Approximately 17,157,355 shares were traded during mid-day trading, an increase of 90% from the average daily volume of 9,049,931 shares. The stock had previously closed at $31.80.

Analysts Set New Price Targets

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

IonQ Trading Down 3.0 %

The firm has a market capitalization of $6.68 billion, a price-to-earnings ratio of -40.11 and a beta of 1.89. The firm has a fifty day moving average price of $15.21 and a 200 day moving average price of $10.34.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same period in the prior year, the firm posted ($0.22) EPS. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. As a group, equities analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now owns 592,658 shares in the company, valued at $10,519,679.50. The trade was a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Quest Partners LLC grew 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 worth $46,000 after acquiring an additional 6,368 shares during the period. Redwood Wealth Management Group LLC acquired a new position in IonQ in the second quarter valued at about $67,000. nVerses Capital LLC bought a new position in IonQ during the third quarter worth about $72,000. Mosley Wealth Management acquired a new position in shares of IonQ during the 2nd quarter worth about $81,000. Finally, Xponance Inc. bought a new stake in shares of IonQ in the 2nd quarter valued at about $88,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.