IonQ (NYSE:IONQ) Stock Price Up 9.5% – What’s Next?

IonQ, Inc. (NYSE:IONQ) rose 9.5% during trading on Monday . The company traded as high as $54.20 and last traded at $53.9890. 22,772,921 shares traded hands during trading, a decline of 15% from the average session volume of 26,836,779 shares. The stock had previously closed at $49.31.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. JPMorgan Chase & Co. increased their target price on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Jefferies Financial Group set a $85.00 price target on shares of IonQ in a report on Thursday, May 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Thursday, June 11th. Finally, Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 13th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, IonQ has an average rating of “Moderate Buy” and an average target price of $69.88.

IonQ Price Performance

The firm’s 50 day moving average price is $55.08 and its two-hundred day moving average price is $45.04. The stock has a market cap of $20.15 billion, a PE ratio of -192.82 and a beta of 3.18.

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

Insiders Place Their Bets

In related news, insider John W. Raymond sold 3,815 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $209,863.15. Following the sale, the insider directly owned 80,148 shares of the company’s stock, valued at $4,408,941.48. This trade represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of IonQ 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 sale, the insider owned 139,967 shares of the company’s stock, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 13,102 shares of company stock worth $701,489. Insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IONQ. Vanguard Group Inc. raised its holdings in shares of IonQ by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock valued at $1,560,343,000 after buying an additional 5,420,037 shares in the last quarter. State Street Corp boosted its stake in IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after buying an additional 2,663,230 shares in the last quarter. Geode Capital Management LLC boosted its stake in IonQ by 21.9% in the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock worth $361,624,000 after buying an additional 1,452,463 shares in the last quarter. Norges Bank bought a new position in IonQ during the fourth quarter valued at approximately $199,753,000. Finally, Marex Group plc grew its position in IonQ by 419.1% during the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after acquiring an additional 3,296,866 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

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. 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.