IonQ (NYSE:IONQ) Trading 7.3% Higher – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares traded up 7.3% during trading on Monday . The stock traded as high as $61.29 and last traded at $60.90. 5,962,880 shares traded hands during trading, a decline of 77% from the average session volume of 26,498,523 shares. The stock had previously closed at $56.78.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wedbush reissued an “outperform” rating and issued a $60.00 price target on shares of IonQ in a research note on Monday, May 4th. Morgan Stanley set a $48.50 target price on IonQ in a report on Thursday, May 7th. Needham & Company LLC reduced their target price on shares of IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. JPMorgan Chase & Co. lifted their target price on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Finally, Benchmark cut their price target on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $68.63.

IonQ Trading Up 13.9%

The business has a fifty day simple moving average of $47.17 and a 200 day simple moving average of $44.16. The stock has a market capitalization of $24.14 billion, a P/E ratio of -230.83 and a beta of 3.18.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The firm had revenue of $64.67 million for the quarter, compared to the consensus estimate of $49.75 million. During the same period in the previous year, the business earned ($0.14) earnings per share. The firm’s revenue for the quarter was up 754.7% on a year-over-year basis. As a group, research analysts forecast that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Activity at IonQ

In other news, insider Robert T. Cardillo sold 3,773 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the transaction, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This represents a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John W. Raymond sold 2,800 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the transaction, the insider directly owned 83,963 shares of the company’s stock, valued at $2,799,326.42. This represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameriflex Group Inc. grew its stake in shares of IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after acquiring an additional 340 shares during the period. Accent Capital Management LLC lifted its stake in IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after purchasing an additional 371 shares during the last quarter. Fortitude Family Office LLC lifted its stake in IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after purchasing an additional 608 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after purchasing an additional 656 shares during the last quarter. Finally, PeakShares LLC bought a new stake in IonQ in the first quarter worth about $29,000. 41.42% of the stock is owned by 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.