IonQ (NYSE:IONQ) Hits New 1-Year High – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares hit a new 52-week high on Tuesday . The company traded as high as $43.94 and last traded at $41.01, with a volume of 10086759 shares trading hands. The stock had previously closed at $41.81.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Craig Hallum raised their price objective on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Performance

The firm has a market capitalization of $8.11 billion, a P/E ratio of -46.30 and a beta of 2.49. The company has a 50-day simple moving average of $24.51 and a two-hundred day simple moving average of $13.57.

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

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares in the company, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,223 shares of company stock valued at $2,286,983 in the last ninety days. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Several large investors have recently bought and sold shares of IONQ. Carnegie Investment Counsel bought a new stake in shares of IonQ in the third quarter worth approximately $5,036,000. Yong Rong HK Asset Management Ltd bought a new stake in IonQ in the 3rd quarter worth approximately $3,749,000. Main Management ETF Advisors LLC purchased a new stake in IonQ during the 3rd quarter valued at $1,865,000. Geode Capital Management LLC lifted its holdings in shares of IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after buying an additional 199,360 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of IonQ in the 3rd quarter worth $1,631,000. 41.42% of the stock is currently owned by institutional investors.

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.