IonQ, Inc. (NYSE:IONQ) Sees Significant Decline in Short Interest

IonQ, Inc. (NYSE:IONQ) was the recipient of a large decline in short interest in the month of July. As of July 15th, there was short interest totalling 32,760,000 shares, a decline of 6.6% from the June 30th total of 35,090,000 shares. Based on an average trading volume of 4,810,000 shares, the short-interest ratio is currently 6.8 days. Approximately 18.2% of the shares of the company are sold short.

IonQ Stock Performance

IonQ stock traded down $0.74 during trading on Thursday, reaching $7.41. 3,459,777 shares of the company’s stock were exchanged, compared to its average volume of 5,768,513. The company’s 50-day moving average is $7.78 and its two-hundred day moving average is $9.01. IonQ has a 52-week low of $6.33 and a 52-week high of $21.60. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -9.07 and a beta of 2.06.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.07. IonQ had a negative net margin of 671.00% and a negative return on equity of 31.76%. The firm had revenue of $7.58 million during the quarter, compared to analysts’ expectations of $7.08 million. During the same period in the prior year, the company earned ($0.14) EPS. The firm’s revenue was up 76.9% on a year-over-year basis. Analysts anticipate that IonQ will post -0.89 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of IonQ in a report on Thursday, May 16th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Insider Activity at IonQ

In related news, CEO Peter Hume Chapman sold 5,936 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total value of $46,835.04. Following the transaction, the chief executive officer now owns 445,297 shares in the company, valued at approximately $3,513,393.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CRO Rima Alameddine sold 9,807 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $77,377.23. Following the sale, the executive now owns 687,840 shares of the company’s stock, valued at approximately $5,427,057.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter Hume Chapman sold 5,936 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $46,835.04. Following the completion of the sale, the chief executive officer now directly owns 445,297 shares in the company, valued at approximately $3,513,393.33. The disclosure for this sale can be found here. Insiders have sold 20,353 shares of company stock worth $160,585 in the last quarter. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Morgens Waterfall Vintiadis & Co. Inc. purchased a new position in IonQ in the 4th quarter valued at about $1,858,000. Norges Bank bought a new position in shares of IonQ during the fourth quarter worth about $26,430,000. Victory Capital Management Inc. lifted its position in shares of IonQ by 29.2% during the fourth quarter. Victory Capital Management Inc. now owns 48,083 shares of the company’s stock worth $596,000 after purchasing an additional 10,855 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of IonQ by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,321,275 shares of the company’s stock worth $16,371,000 after purchasing an additional 29,577 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.