IonQ, Inc. (NYSE:IONQ) Short Interest Update

IonQ, Inc. (NYSE:IONQ) was the recipient of a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 32,760,000 shares, a drop of 6.6% from the June 30th total of 35,090,000 shares. Based on an average daily trading volume, of 4,810,000 shares, the short-interest ratio is currently 6.8 days. Currently, 18.2% of the company’s stock are short sold.

IonQ Price Performance

IONQ traded up $0.35 during trading on Wednesday, reaching $8.15. 4,180,690 shares of the stock were exchanged, compared to its average volume of 5,784,731. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -9.82 and a beta of 2.06. IonQ has a 1 year low of $6.33 and a 1 year high of $21.60. The business’s 50 day moving average price is $7.78 and its two-hundred day moving average price is $9.01.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.19) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.07. IonQ had a negative net margin of 671.00% and a negative return on equity of 31.76%. The firm had revenue of $7.58 million for the quarter, compared to analysts’ expectations of $7.08 million. During the same period in the prior year, the company earned ($0.14) EPS. The firm’s revenue was up 76.9% on a year-over-year basis. On average, analysts anticipate that IonQ will post -0.89 EPS for the current year.

Insider Activity at IonQ

In other news, CEO Peter Hume Chapman sold 5,936 shares of IonQ stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $46,835.04. Following the sale, the chief executive officer now owns 445,297 shares in the company, valued at $3,513,393.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CRO Rima Alameddine sold 9,807 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $77,377.23. Following the completion of the sale, the executive now owns 687,840 shares in the company, valued at approximately $5,427,057.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Peter Hume Chapman sold 5,936 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $46,835.04. Following the transaction, the chief executive officer now directly owns 445,297 shares in the company, valued at $3,513,393.33. The disclosure for this sale can be found here. Insiders have sold 20,353 shares of company stock valued at $160,585 in the last ninety days. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Morgens Waterfall Vintiadis & Co. Inc. acquired a new stake in IonQ during the fourth quarter worth approximately $1,858,000. Norges Bank acquired a new position in IonQ in the fourth quarter valued at $26,430,000. Victory Capital Management Inc. lifted its position in IonQ by 29.2% during the fourth quarter. Victory Capital Management Inc. now owns 48,083 shares of the company’s stock worth $596,000 after buying an additional 10,855 shares during the period. Oppenheimer & Co. Inc. boosted its stake in IonQ by 4.0% in the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after buying an additional 1,400 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in IonQ by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,321,275 shares of the company’s stock worth $16,371,000 after buying an additional 29,577 shares during the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of IonQ in a research note on Thursday, May 16th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.50.

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.