IonQ (NYSE:IONQ) Trading 6.8% Higher

IonQ, Inc. (NYSE:IONQ)’s share price traded up 6.8% on Monday . The stock traded as high as $7.60 and last traded at $7.57. 4,566,932 shares were traded during trading, a decline of 32% from the average session volume of 6,709,624 shares. The stock had previously closed at $7.09.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of IonQ in a research note on Thursday, February 29th. The Goldman Sachs Group dropped their target price on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

IonQ Stock Performance

The firm’s fifty day simple moving average is $9.52 and its 200 day simple moving average is $11.28.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, February 28th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.03. IonQ had a negative net margin of 715.77% and a negative return on equity of 28.27%. The firm had revenue of $6.11 million for the quarter, compared to the consensus estimate of $5.70 million. Equities analysts anticipate that IonQ, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Jungsang Kim sold 10,220 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $104,244.00. Following the transaction, the chief technology officer now directly owns 6,619,941 shares in the company, valued at $67,523,398.20. The sale was disclosed in a filing with the SEC, which is available through this link. In other IonQ news, CTO Jungsang Kim sold 10,220 shares of IonQ stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $104,244.00. Following the completion of the transaction, the chief technology officer now directly owns 6,619,941 shares of the company’s stock, valued at $67,523,398.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Rima Alameddine sold 27,212 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $277,562.40. Following the completion of the sale, the executive now directly owns 697,647 shares of the company’s stock, valued at approximately $7,115,999.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,556 shares of company stock worth $882,871. Insiders own 13.00% of the company’s stock.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in IonQ by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock worth $221,864,000 after acquiring an additional 193,924 shares in the last quarter. Norges Bank acquired a new position in shares of IonQ in the fourth quarter valued at approximately $26,430,000. Northern Trust Corp increased its stake in shares of IonQ by 3.0% in the third quarter. Northern Trust Corp now owns 1,498,567 shares of the company’s stock valued at $22,299,000 after buying an additional 43,237 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of IonQ by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,321,275 shares of the company’s stock valued at $16,371,000 after buying an additional 29,577 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of IonQ by 5.9% in the third quarter. Bank of New York Mellon Corp now owns 861,152 shares of the company’s stock valued at $12,814,000 after buying an additional 47,967 shares during the period. 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.