IonQ (NYSE:IONQ) Trading 8.1% Higher – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price rose 8.1% during trading on Tuesday . The stock traded as high as $27.56 and last traded at $27.28. Approximately 12,795,838 shares were traded during mid-day trading, an increase of 49% from the average daily volume of 8,607,291 shares. The stock had previously closed at $25.23.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Craig Hallum boosted their target price on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC boosted their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark raised their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group lowered their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th.

IonQ Stock Performance

The company’s 50-day simple moving average is $13.37 and its 200-day simple moving average is $9.73. The company has a market capitalization of $6.08 billion, a PE ratio of -33.68 and a beta of 1.89.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The company had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.22) EPS. Analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity

In related news, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the sale, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. This trade represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 66,000 shares of company stock valued at $972,331 over the last quarter. Corporate insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Quest Partners LLC increased its position in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ in the second quarter worth about $67,000. nVerses Capital LLC acquired a new stake in shares of IonQ during the third quarter worth approximately $72,000. Mosley Wealth Management acquired a new stake in IonQ in the second quarter valued at $81,000. Finally, Xponance Inc. acquired a new position in IonQ during the 2nd quarter worth $88,000. Institutional investors and hedge funds 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.