IonQ (NYSE:IONQ) Shares Up 1.4% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares traded up 1.4% during mid-day trading on Tuesday. The company traded as high as $32.17 and last traded at $31.2150. 20,365,006 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 24,725,605 shares. The stock had previously closed at $30.78.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Wall Street Zen downgraded shares of IonQ from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. B. Riley Financial restated a “buy” rating on shares of IonQ in a research report on Wednesday, September 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 target price on shares of IonQ in a report on Wednesday, September 9th. Needham & Company LLC reiterated a “buy” rating and set a $65.00 price target on shares of IonQ in a research report on Wednesday, September 9th. Finally, Benchmark reiterated a “buy” rating and set a $60.00 price target on shares of IonQ in a research report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.33.

IonQ Trading Up 1.4%

The stock’s 50 day moving average price is $40.43 and its two-hundred day moving average price is $44.91. The firm has a market capitalization of $11.89 billion, a PE ratio of -6.70 and a beta of 3.36.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.23. The firm had revenue of $80.05 million for the quarter, compared to analyst estimates of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%. IonQ’s revenue was up 286.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.70) EPS. Analysts expect that IonQ, Inc. will post -2.11 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, insider John Raymond sold 2,407 shares of the business’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $37.21, for a total value of $89,564.47. Following the completion of the transaction, the insider directly owned 77,741 shares of the company’s stock, valued at $2,892,742.61. The trade was a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.55% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Hidden Cove Wealth Management LLC purchased a new stake in IonQ during the 3rd quarter worth about $282,000. Counterpoint Mutual Funds LLC lifted its holdings in IonQ by 16.0% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 6,563 shares of the company’s stock valued at $288,000 after purchasing an additional 903 shares in the last quarter. TD Waterhouse Canada Inc. lifted its holdings in IonQ by 16.5% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 13,394 shares of the company’s stock valued at $589,000 after purchasing an additional 1,896 shares in the last quarter. Vanguard Capital Wealth Advisors purchased a new position in IonQ in the 3rd quarter valued at about $763,000. Finally, Milestone Asset Management LLC boosted its stake in shares of IonQ by 5.1% during the 3rd quarter. Milestone Asset Management LLC now owns 20,901 shares of the company’s stock worth $917,000 after purchasing an additional 1,019 shares during the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

About IonQ

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.