IonQ (NYSE:IONQ) Shares Up 0.6% – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares rose 0.6% during mid-day trading on Thursday . The stock traded as high as $42.40 and last traded at $37.72. Approximately 14,803,508 shares were traded during trading, an increase of 44% from the average daily volume of 10,271,984 shares. The stock had previously closed at $37.50.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on IONQ shares. Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC raised 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. Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, DA Davidson began coverage on IonQ in a research report on Thursday. They set a “buy” rating and a $50.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $28.60.

IonQ Trading Up 17.6 %

The firm’s 50-day simple moving average is $25.74 and its 200 day simple moving average is $13.99. The stock has a market cap of $9.61 billion, a P/E ratio of -54.84 and a beta of 2.49.

IonQ (NYSE:IONQ) last announced 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). The business had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company’s revenue was up 102.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) EPS. On average, analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the transaction, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares in the company, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,223 shares of company stock valued at $2,286,983. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quest Partners LLC grew its holdings in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares during the last quarter. nVerses Capital LLC acquired a new stake in IonQ during the 3rd quarter worth about $72,000. Redwood Wealth Management Group LLC purchased a new stake in IonQ during the second quarter valued at about $67,000. Impact Partnership Wealth LLC acquired a new position in shares of IonQ in the third quarter worth about $89,000. Finally, Arete Wealth Advisors LLC purchased a new position in shares of IonQ in the third quarter worth approximately $91,000. Institutional investors own 41.42% of the company’s stock.

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.