IonQ (NYSE:IONQ) Shares Up 3.3% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price was up 3.3% on Thursday . The company traded as high as $56.66 and last traded at $56.48. Approximately 20,178,305 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 26,562,592 shares. The stock had previously closed at $54.69.

Analyst Ratings Changes

Several research firms have issued reports on IONQ. Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of IonQ in a research report on Thursday, June 11th. Weiss Ratings upgraded IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. DA Davidson dropped their price objective on IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 26th. Finally, Northland Securities initiated coverage on IonQ in a research note on Monday, April 20th. They issued an “outperform” rating and a $55.00 target price for the company. Ten research 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 a consensus price target of $68.62.

IonQ Trading Down 0.1%

The stock’s fifty day moving average is $53.01 and its two-hundred day moving average is $44.97. The firm has a market cap of $21.08 billion, a P/E ratio of -201.71 and a beta of 3.18.

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

Insider Transactions at IonQ

In related news, insider Robert T. Cardillo sold 3,773 shares of IonQ stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the sale, the insider owned 139,967 shares of the company’s stock, valued at approximately $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

A number of large investors have recently modified their holdings of IONQ. Rathbones Group PLC grew its holdings in shares of IonQ by 13.0% during the first quarter. Rathbones Group PLC now owns 13,032 shares of the company’s stock worth $376,000 after purchasing an additional 1,500 shares in the last quarter. NewEdge Advisors LLC raised its stake in IonQ by 7.0% in the first quarter. NewEdge Advisors LLC now owns 24,747 shares of the company’s stock valued at $713,000 after purchasing an additional 1,612 shares in the last quarter. Asset Dedication LLC raised its stake in IonQ by 1,556.8% in the first quarter. Asset Dedication LLC now owns 2,071 shares of the company’s stock valued at $60,000 after purchasing an additional 1,946 shares in the last quarter. Cim Investment Management Inc. bought a new stake in IonQ during the first quarter valued at approximately $481,000. Finally, JTC Employer Solutions Trustee Ltd lifted its position in IonQ by 62.8% during the first quarter. JTC Employer Solutions Trustee Ltd now owns 10,372 shares of the company’s stock valued at $299,000 after purchasing an additional 4,000 shares during the last quarter. Institutional investors 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. 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.