IonQ (NYSE:IONQ) Shares Up 1.4% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price was up 1.4% on Tuesday. The company traded as high as $32.17 and last traded at $31.2150. Approximately 20,365,006 shares were traded during mid-day trading, a decline of 18% from the average session volume of 24,725,605 shares. The stock had previously closed at $30.78.

Analyst Upgrades and Downgrades

IONQ has been the topic of a number of analyst reports. Wedbush restated an “outperform” rating and set a $75.00 target price on shares of IonQ in a research report on Tuesday, October 13th. Weiss Ratings downgraded IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a report on Friday, August 21st. Morgan Stanley cut their price target on IonQ from $49.00 to $43.00 and set an “equal weight” rating for the company in a report on Thursday, October 15th. Cantor Fitzgerald reissued an “overweight” rating and set a $70.00 price target on shares of IonQ in a research note on Wednesday, September 9th. Finally, Northland Securities raised their price objective on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Ten equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $63.33.

IonQ Stock Up 1.4%

The stock has a fifty day moving average of $40.43 and a two-hundred day moving average of $44.91. The stock has a market cap of $11.89 billion, a price-to-earnings ratio of -6.70 and a beta of 3.36.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.23. The company had revenue of $80.05 million during the quarter, compared to analyst estimates of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%. The firm’s revenue was up 286.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.70) earnings per share. Equities research analysts anticipate that IonQ, Inc. will post -2.11 EPS for the current fiscal year.

Insider Activity

In other news, insider John Raymond sold 2,407 shares of the business’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $37.21, for a total transaction of $89,564.47. Following the completion of the sale, the insider owned 77,741 shares in the company, valued at approximately $2,892,742.61. The trade was a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

A number of institutional investors and hedge funds have recently bought and sold shares of IONQ. BlackRock Inc. acquired a new position in IonQ during the second quarter valued at approximately $1,112,945,000. Bank of America Corp DE acquired a new stake in shares of IonQ in the second quarter worth $344,757,000. Bank of New York Mellon Corp acquired a new stake in shares of IonQ in the second quarter worth $113,863,000. Legal & General Group Plc acquired a new stake in shares of IonQ in the second quarter worth $82,126,000. Finally, Deutsche Bank AG purchased a new position in shares of IonQ in the 2nd quarter valued at $27,836,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Company Profile

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.