IonQ (NYSE:IONQ) Trading 7.3% Higher – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) traded up 7.3% on Monday . The stock traded as high as $61.29 and last traded at $60.90. 5,962,880 shares were traded during mid-day trading, a decline of 77% from the average session volume of 26,498,523 shares. The stock had previously closed at $56.78.

Analyst Ratings Changes

Several analysts have commented on the stock. Wall Street Zen upgraded shares of IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. JPMorgan Chase & Co. upped their target price on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Needham & Company LLC dropped their target price on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Benchmark dropped their target price on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, Morgan Stanley set a $48.50 target price on shares of IonQ in a research report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, IonQ has an average rating of “Moderate Buy” and an average target price of $68.63.

IonQ Price Performance

The company has a fifty day moving average of $47.17 and a 200 day moving average of $44.16. The firm has a market capitalization of $24.14 billion, a P/E ratio of -230.83 and a beta of 3.18.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. During the same quarter in the previous year, the business posted ($0.14) earnings per share. The business’s revenue was up 754.7% on a year-over-year basis. On average, sell-side analysts forecast that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Transactions at IonQ

In other news, insider Robert T. Cardillo sold 3,773 shares of IonQ stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the transaction, the insider directly owned 139,967 shares in the company, valued at $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the transaction, the insider owned 83,963 shares in the company, valued at $2,799,326.42. The trade was a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company 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 bought and sold shares of IONQ. Clear Street Group Inc. bought a new stake in shares of IonQ during the 3rd quarter valued at $61,488,000. Swedbank AB purchased a new position in shares of IonQ in the fourth quarter worth about $2,708,000. Western Wealth Management LLC raised its stake in shares of IonQ by 222.8% during the 3rd quarter. Western Wealth Management LLC now owns 23,762 shares of the company’s stock valued at $1,461,000 after buying an additional 16,400 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of IonQ during the 4th quarter valued at about $3,271,000. Finally, ProShare Advisors LLC raised its stake in shares of IonQ by 30.3% during the 4th quarter. ProShare Advisors LLC now owns 62,184 shares of the company’s stock valued at $2,790,000 after buying an additional 14,465 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. 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.