IonQ (NYSE:IONQ) Trading 5.9% Higher – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) rose 5.9% on Thursday . The stock traded as high as $32.78 and last traded at $31.60. Approximately 11,682,720 shares were traded during trading, an increase of 19% from the average daily volume of 9,818,890 shares. The stock had previously closed at $29.83.

Analyst Ratings Changes

Several equities analysts recently issued reports on IONQ shares. Craig Hallum raised their price target on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark raised their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC upped their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Price Performance

The stock has a market cap of $7.33 billion, a PE ratio of -41.80 and a beta of 2.49. The company has a 50 day moving average price of $22.61 and a two-hundred day moving average price of $12.85.

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 analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the firm earned ($0.22) earnings per share. The company’s revenue for the quarter was up 102.1% compared to the same quarter last year. As a group, equities analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the transaction, the executive now directly owns 648,783 shares in the company, valued at approximately $6,954,953.76. The trade was a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,223 shares of company stock worth $2,286,983 in the last 90 days. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Large investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in shares of IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after acquiring an additional 199,360 shares during the last quarter. State Street Corp boosted its holdings in shares of IonQ by 1.8% during the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after purchasing an additional 75,596 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after purchasing an additional 135,851 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of IonQ by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock worth $6,443,000 after purchasing an additional 131,439 shares during the last quarter. Finally, FMR LLC lifted its position in shares of IonQ by 7.2% in the third quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after buying an additional 41,125 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.