IonQ (NYSE:IONQ) Sees Unusually-High Trading Volume Following Analyst Upgrade

IonQ, Inc. (NYSE:IONQ) shares saw unusually-strong trading volume on Friday after Craig Hallum raised their price target on the stock from $15.00 to $22.00. Craig Hallum currently has a buy rating on the stock. Approximately 10,336,749 shares changed hands during mid-day trading, an increase of 38% from the previous session’s volume of 7,505,790 shares.The stock last traded at $24.32 and had previously closed at $22.11.

A number of other equities research analysts also recently issued reports on IONQ. The Goldman Sachs Group reduced their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Needham & Company LLC lifted their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Benchmark lifted their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the sale, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 66,000 shares of company stock worth $972,331 in the last 90 days. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

A number of institutional investors have recently made changes to their positions in the business. Quest Partners LLC raised its position in shares of IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC bought a new position in IonQ during the 2nd quarter worth $67,000. nVerses Capital LLC bought a new position in IonQ during the 3rd quarter worth $72,000. Mosley Wealth Management bought a new position in IonQ during the 2nd quarter worth $81,000. Finally, Xponance Inc. bought a new position in IonQ during the 2nd quarter worth $88,000. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Stock Performance

The stock has a market capitalization of $5.20 billion, a P/E ratio of -30.78 and a beta of 1.89. The stock has a 50 day moving average of $10.49 and a 200 day moving average of $8.79.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period in the previous year, the company posted ($0.22) EPS. The company’s revenue for the quarter was up 102.1% compared to the same quarter last year. On average, research analysts anticipate that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

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.