IonQ (NYSE:IONQ) Stock Price Up 6.7% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) shot up 6.7% during trading on Wednesday . The company traded as high as $16.73 and last traded at $16.38. 7,573,203 shares were traded during mid-day trading, an increase of 6% from the average session volume of 7,136,860 shares. The stock had previously closed at $15.35.

Analysts Set New Price Targets

A number of research firms recently issued reports on IONQ. Needham & Company LLC restated a “buy” rating and set a $13.00 price objective on shares of IonQ in a research report on Wednesday, October 2nd. Craig Hallum decreased their target price on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group reduced their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, Benchmark cut their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 12th.

IonQ Price Performance

The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of -20.82 and a beta of 1.89. The business has a fifty day moving average of $10.49 and a 200-day moving average of $8.79.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. The company had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The company’s quarterly revenue was up 106.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.16) EPS. As a group, research analysts anticipate that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the sale, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 66,000 shares of company stock worth $972,331 in the last quarter. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC increased 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 valued at $46,000 after purchasing an additional 6,368 shares during the period. nVerses Capital LLC acquired a new stake in shares of IonQ during the 3rd quarter valued at $72,000. Redwood Wealth Management Group LLC purchased a new position in shares of IonQ during the 2nd quarter valued at $67,000. Impact Partnership Wealth LLC acquired a new position in shares of IonQ in the third quarter worth $89,000. Finally, Mosley Wealth Management purchased a new stake in shares of IonQ during the second quarter worth $81,000. 41.42% of the stock is currently 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.