IonQ (NYSE:IONQ) Trading 1.3% Higher – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares were up 1.3% during mid-day trading on Thursday . The company traded as high as $52.51 and last traded at $50.4270. Approximately 16,508,348 shares were traded during mid-day trading, a decline of 3% from the average daily volume of 17,032,955 shares. The stock had previously closed at $49.78.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Rosenblatt Securities lifted their price target on shares of IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a report on Wednesday, October 8th. Wedbush started coverage on IonQ in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price objective on the stock. Cantor Fitzgerald increased their target price on shares of IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Finally, DA Davidson increased their price objective on shares of IonQ from $35.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.91.

IonQ Stock Performance

The company has a market cap of $17.16 billion, a PE ratio of -9.23 and a beta of 2.63. The company has a fifty day moving average of $49.56 and a two-hundred day moving average of $50.87.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The firm had revenue of $39.87 million during the quarter, compared to analysts’ expectations of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The company’s revenue was up 221.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.24) EPS. On average, equities analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling

In related news, Director Kathryn K. Chou sold 5,000 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $55.00, for a total transaction of $275,000.00. Following the completion of the transaction, the director owned 60,839 shares in the company, valued at $3,346,145. The trade was a 7.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 100,000 shares of the business’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the completion of the sale, the executive directly owned 432,616 shares of the company’s stock, valued at approximately $20,285,364.24. This trade represents a 18.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 125,000 shares of company stock valued at $5,992,000. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stone House Investment Management LLC increased its holdings in shares of IonQ by 700.0% during the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after acquiring an additional 350 shares in the last quarter. Ameriflex Group Inc. grew its position in IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after purchasing an additional 340 shares during the last quarter. Hilltop National Bank increased its stake in IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after purchasing an additional 225 shares in the last quarter. Financial Consulate Inc. purchased a new position in shares of IonQ in the third quarter worth $29,000. Finally, UMB Bank n.a. acquired a new stake in shares of IonQ during the third quarter worth $31,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.