IonQ (NYSE:IONQ) Sees Strong Trading Volume – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) saw unusually-high trading volume on Thursday . Approximately 8,819,803 shares were traded during mid-day trading, an increase of 1% from the previous session’s volume of 8,761,971 shares.The stock last traded at $31.56 and had previously closed at $28.86.

Analysts Set New Price Targets

IONQ has been the topic of a number of research reports. Benchmark raised their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group decreased their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Needham & Company LLC raised 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. Finally, Craig Hallum lifted their price target on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

IonQ Trading Up 10.8 %

The firm has a fifty day moving average price of $14.22 and a 200 day moving average price of $10.00. The firm has a market cap of $6.92 billion, a PE ratio of -36.30 and a beta of 1.89.

IonQ (NYSE:IONQ) last issued its quarterly earnings data 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 business had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.22) earnings per share. As a group, equities analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the transaction, the executive now directly owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its stake in IonQ by 3.6% in the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after buying an additional 1,731 shares during the last quarter. ProShare Advisors LLC lifted its stake in IonQ by 10.5% in the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after buying an additional 2,805 shares during the last quarter. Verity Asset Management Inc. lifted its stake in IonQ by 12.4% in the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock valued at $296,000 after buying an additional 3,736 shares during the last quarter. HighTower Advisors LLC lifted its stake in IonQ by 29.3% in the third quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock valued at $166,000 after buying an additional 4,288 shares during the last quarter. Finally, Quest Partners LLC lifted its stake in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during 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.