IonQ (NYSE:IONQ) Trading Up 4.3% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price was up 4.3% during trading on Monday . The stock traded as high as $42.55 and last traded at $40.70. Approximately 18,842,994 shares traded hands during trading, an increase of 4% from the average daily volume of 18,157,285 shares. The stock had previously closed at $39.02.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Morgan Stanley raised their price target on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 8th. DA Davidson decreased their price objective on IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a report on Monday, April 14th. Needham & Company LLC decreased their price target on shares of IonQ from $54.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Finally, Benchmark reduced their price target on shares of IonQ from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.33.

IonQ Stock Performance

The firm has a market cap of $8.98 billion, a PE ratio of -49.94 and a beta of 2.59. The firm’s 50-day moving average price is $31.52 and its two-hundred day moving average price is $33.12.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.14. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company had revenue of $7.57 million for the quarter, compared to analysts’ expectations of $7.51 million. During the same quarter in the previous year, the firm posted ($0.19) EPS. The firm’s quarterly revenue was down .2% on a year-over-year basis. As a group, sell-side analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 20,047 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $372,272.79. Following the completion of the transaction, the executive now directly owns 572,568 shares in the company, valued at $10,632,587.76. This trade represents a 3.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the transaction, the chief financial officer now owns 944,510 shares in the company, valued at approximately $17,539,550.70. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,031,759 shares of company stock worth $38,029,765 over the last 90 days. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

Institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC bought a new stake in IonQ during the 4th quarter valued at approximately $26,000. Smartleaf Asset Management LLC boosted its stake in IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after buying an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new stake in shares of IonQ in the 4th quarter valued at $27,000. TD Waterhouse Canada Inc. bought a new stake in IonQ during the fourth quarter worth about $33,000. Finally, Golden State Wealth Management LLC acquired a new position in IonQ in the fourth quarter worth $34,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.