IonQ (NYSE:IONQ) Trading 8.2% Higher – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price traded up 8.2% on Friday . The stock traded as high as $45.46 and last traded at $44.95. 19,465,208 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 25,055,043 shares. The stock had previously closed at $41.53.

Wall Street Analyst Weigh In

IONQ has been the subject of a number of recent research reports. Jefferies Financial Group set a $75.00 price objective on shares of IonQ in a report on Thursday, August 6th. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price target on shares of IonQ in a research report on Thursday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $70.00 price target on shares of IonQ in a research note on Thursday, August 6th. Northland Securities increased their price target on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Finally, Morgan Stanley set a $49.00 price objective on IonQ in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.92.

IonQ Stock Up 8.2%

The stock has a market capitalization of $17.13 billion, a price-to-earnings ratio of -9.65 and a beta of 3.28. The business’s 50 day simple moving average is $44.62 and its 200-day simple moving average is $43.16.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.23. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The company had revenue of $80.05 million during the quarter, compared to analysts’ expectations of $66.47 million. During the same period in the previous year, the company earned ($0.70) EPS. The business’s revenue for the quarter was up 286.7% compared to the same quarter last year. On average, analysts expect that IonQ, Inc. will post -2.86 earnings per share for the current year.

Insider Activity at IonQ

In other IonQ news, Director Gabrielle B. Toledano sold 2,757 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the completion of the sale, the director directly owned 11,154 shares in the company, valued at $613,581.54. This represents a 19.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathryn K. Chou sold 2,757 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.02, for a total value of $151,690.14. Following the completion of the sale, the director directly owned 62,608 shares in the company, valued at approximately $3,444,692.16. This represents a 4.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 9,329 shares of company stock valued at $513,216 over the last three months. 0.55% of the stock is owned by insiders.

Hedge Funds Weigh In On IonQ

Institutional investors have recently modified their holdings of the business. Continuum Advisory LLC bought a new stake in shares of IonQ during the 2nd quarter worth $140,000. Nykredit A S bought a new position in IonQ in the second quarter valued at about $6,708,000. B. Metzler seel. Sohn & Co. AG raised its stake in IonQ by 191.3% during the second quarter. B. Metzler seel. Sohn & Co. AG now owns 20,990 shares of the company’s stock worth $1,118,000 after acquiring an additional 13,784 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in IonQ during the second quarter worth about $477,000. Finally, Nwam LLC bought a new position in shares of IonQ in the second quarter worth about $245,000. 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.