IonQ, Inc. (NYSE:IONQ) Sees Large Decrease in Short Interest

IonQ, Inc. (NYSE:IONQ) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 39,300,000 shares, a decline of 6.7% from the October 15th total of 42,140,000 shares. Currently, 21.2% of the company’s stock are short sold. Based on an average daily volume of 12,810,000 shares, the days-to-cover ratio is currently 3.1 days.

Analysts Set New Price Targets

IONQ has been the subject of several recent research reports. Benchmark boosted their target price on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Craig Hallum upped their price target on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group decreased their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the transaction, the executive now directly owns 592,658 shares of the company’s stock, valued at $10,519,679.50. This represents a 3.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 66,000 shares of company stock worth $972,331 over the last quarter. 11.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IonQ

Several large investors have recently made changes to their positions in the company. Quest Partners LLC boosted its stake in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the last quarter. nVerses Capital LLC bought a new position in shares of IonQ during the 3rd quarter valued at approximately $72,000. Redwood Wealth Management Group LLC purchased a new position in shares of IonQ in the second quarter valued at $67,000. Impact Partnership Wealth LLC purchased a new stake in IonQ during the third quarter valued at $89,000. Finally, Arete Wealth Advisors LLC bought a new position in IonQ during the third quarter valued at $91,000. 41.42% of the stock is owned by institutional investors.

IonQ Stock Performance

IONQ stock opened at $25.23 on Tuesday. IonQ has a 1-year low of $6.22 and a 1-year high of $29.48. The business has a 50 day simple moving average of $13.37 and a two-hundred day simple moving average of $9.73.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s revenue was up 102.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.22) earnings per share. Equities analysts predict that IonQ will post -0.86 EPS for the current year.

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.