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

IonQ, Inc. (NYSE:IONQ) was the recipient of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 34,880,000 shares, a decline of 8.3% from the August 31st total of 38,030,000 shares. Approximately 19.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,620,000 shares, the days-to-cover ratio is currently 7.5 days.

IonQ Stock Performance

Shares of NYSE IONQ traded down $0.58 during trading on Tuesday, hitting $8.16. 12,239,914 shares of the company traded hands, compared to its average volume of 5,799,698. The business’s fifty day moving average is $7.52 and its 200 day moving average is $8.02. IonQ has a fifty-two week low of $6.22 and a fifty-two week high of $16.60. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -9.94 and a beta of 2.04.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. During the same quarter in the prior year, the business earned ($0.16) earnings per share. The business’s quarterly revenue was up 106.4% compared to the same quarter last year. On average, analysts predict that IonQ will post -0.84 EPS for the current year.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently made changes to their positions in the business. Quest Partners LLC raised its holdings in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new stake in shares of IonQ in the 2nd quarter worth about $67,000. Prospect Financial Services LLC purchased a new stake in IonQ in the 4th quarter valued at about $124,000. Mosley Wealth Management purchased a new stake in IonQ in the 2nd quarter valued at about $81,000. Finally, QCM Cayman Ltd. purchased a new stake in IonQ in the 1st quarter valued at about $120,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on IONQ. The Goldman Sachs Group reduced their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Benchmark reduced their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Craig Hallum reduced their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.00.

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.