IonQ, Inc. (NYSE:IONQ) Sees Large Decrease in Short Interest

IonQ, Inc. (NYSE:IONQ - Get Free Report) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 39,300,000 shares, a decline of 6.7% from the October 15th total of 42,140,000 shares. Approximately 21.2% of the shares of the company are sold short. Based on an average daily volume of 12,810,000 shares, the short-interest ratio is currently 3.1 days.

IonQ Price Performance

Shares of IonQ stock traded down $3.91 on Monday, reaching $25.23. The company had a trading volume of 54,034,750 shares, compared to its average volume of 8,587,520. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of -30.88 and a beta of 1.89. The firm's 50-day moving average price is $13.00 and its two-hundred day moving average price is $9.62. IonQ has a 1 year low of $6.22 and a 1 year high of $29.48.

IonQ (NYSE:IONQ - Get Free Report) last posted 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 return on equity of 36.82% and a negative net margin of 457.85%. 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 previous year, the firm earned ($0.22) earnings per share. The firm's quarterly revenue was up 102.1% compared to the same quarter last year. As a group, analysts anticipate that IonQ will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the sale, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This represents a 1.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 66,000 shares of company stock valued at $972,331. Company insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently modified their holdings of the business. Swiss National Bank lifted its position in shares of IonQ by 14.8% during the first quarter. Swiss National Bank now owns 343,600 shares of the company's stock worth $3,433,000 after purchasing an additional 44,200 shares during the last quarter. Avantax Advisory Services Inc. purchased a new stake in IonQ in the 1st quarter valued at about $153,000. ProShare Advisors LLC grew its stake in IonQ by 10.5% in the 1st quarter. ProShare Advisors LLC now owns 29,427 shares of the company's stock worth $294,000 after acquiring an additional 2,805 shares in the last quarter. Vanguard Group Inc. increased its position in shares of IonQ by 5.1% during the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company's stock worth $188,062,000 after acquiring an additional 918,265 shares during the period. Finally, Seven Eight Capital LP bought a new stake in shares of IonQ during the first quarter valued at approximately $755,000. 41.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

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.