IonQ (NYSE:IONQ) Trading 8.3% Higher

IonQ, Inc. (NYSE:IONQ) shares rose 8.3% during trading on Tuesday . The stock traded as high as $7.29 and last traded at $7.28. Approximately 2,269,587 shares were traded during trading, a decline of 61% from the average daily volume of 5,760,487 shares. The stock had previously closed at $6.72.

Wall Street Analysts Forecast Growth

IONQ has been the subject of several research analyst reports. The Goldman Sachs Group lowered their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Craig Hallum lowered their price target on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Benchmark lowered their price target on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of IonQ in a report on Thursday, May 16th. Two 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, IonQ presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

IonQ Stock Up 1.6 %

The stock has a market capitalization of $1.57 billion, a PE ratio of -8.95 and a beta of 2.06. The stock has a fifty day moving average of $7.55 and a 200-day moving average of $8.72.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The company had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative return on equity of 31.76% and a negative net margin of 671.00%. IonQ’s revenue for the quarter was up 106.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.16) EPS. Equities research analysts expect that IonQ, Inc. will post -0.89 EPS for the current year.

Insiders Place Their Bets

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 other news, CRO Rima Alameddine sold 9,807 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 $77,377.23. Following the sale, the executive now owns 687,840 shares in the company, valued at $5,427,057.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $46,835.04. Following the sale, the chief executive officer now owns 445,297 shares in the company, valued at approximately $3,513,393.33. The disclosure for this sale can be found here. Insiders 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 Investors Weigh In On IonQ

A number of institutional investors have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. boosted its holdings in IonQ by 4.0% in the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after purchasing an additional 1,400 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in IonQ by 2.2% in the 4th quarter. New York State Common Retirement Fund now owns 66,328 shares of the company’s stock valued at $822,000 after purchasing an additional 1,416 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in IonQ by 6.9% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 22,736 shares of the company’s stock valued at $282,000 after purchasing an additional 1,459 shares in the last quarter. National Bank of Canada FI boosted its holdings in IonQ by 26.1% in the 4th quarter. National Bank of Canada FI now owns 8,000 shares of the company’s stock valued at $97,000 after purchasing an additional 1,655 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in IonQ by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after purchasing an additional 1,731 shares in the last quarter. Hedge funds and other 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.