IonQ (NYSE:IONQ) Sees Strong Trading Volume - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report) saw strong trading volume on Friday . 6,828,712 shares traded hands during mid-day trading, a decline of 17% from the previous session's volume of 8,239,586 shares.The stock last traded at $25.37 and had previously closed at $26.16.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on IONQ. 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 note on Thursday, November 7th. Benchmark lifted their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Craig Hallum raised their price target on shares of IonQ from $15.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group cut their price objective on shares of IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a report on Friday, August 9th.

IonQ Stock Performance

The company has a market capitalization of $6.24 billion, a PE ratio of -34.52 and a beta of 1.89. The company has a 50 day moving average price of $12.55 and a 200 day moving average price of $9.47.

IonQ (NYSE:IONQ - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share 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 company had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period in the previous year, the firm posted ($0.22) EPS. IonQ's revenue for the quarter was up 102.1% on a year-over-year basis. On average, equities analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the firm's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now directly owns 592,658 shares in the company, valued at approximately $10,519,679.50. This trade represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 66,000 shares of company stock valued at $972,331. Company insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quest Partners LLC raised its stake in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company's stock valued at $46,000 after acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new stake in IonQ in the second quarter worth about $67,000. nVerses Capital LLC bought a new position in IonQ in the 3rd quarter valued at about $72,000. Mosley Wealth Management acquired a new position in IonQ during the 2nd quarter valued at about $81,000. Finally, Xponance Inc. bought a new stake in shares of IonQ during the 2nd quarter worth about $88,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.