IonQ, Inc. (NYSE:IONQ - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $37.50, but opened at $40.71. IonQ shares last traded at $41.25, with a volume of 6,194,135 shares trading hands.
Wall Street Analyst Weigh In
Several research firms recently commented on IONQ. Needham & Company LLC raised their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. DA Davidson assumed coverage on shares of IonQ in a research note on Thursday. They issued a "buy" rating and a $50.00 target price on the stock. Benchmark lifted their price target 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. Finally, Craig Hallum boosted their price target on IonQ from $15.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.00.
Get Our Latest Research Report on IonQ
IonQ Stock Performance
The company has a market capitalization of $8.17 billion, a P/E ratio of -46.62 and a beta of 2.49. The company's fifty day simple moving average is $25.07 and its 200-day simple moving average is $13.74.
IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The business had revenue of $12.40 million for the quarter, compared to analysts' expectations of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business's quarterly revenue was up 102.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.22) earnings per share. On average, sell-side analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.
Insider Transactions at IonQ
In related news, CRO Rima Alameddine sold 21,337 shares of the business's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the transaction, the executive now owns 571,321 shares in the company, valued at $16,985,373.33. The trade was a 3.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were 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 of the company's stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 110,223 shares of company stock valued at $2,286,983. Corporate insiders own 11.60% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arete Wealth Advisors LLC purchased a new stake in IonQ in the third quarter valued at about $91,000. Geode Capital Management LLC increased its holdings in shares of IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company's stock valued at $38,640,000 after acquiring an additional 199,360 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of IonQ in the 3rd quarter valued at approximately $1,631,000. Main Management ETF Advisors LLC acquired a new stake in IonQ in the 3rd quarter worth approximately $1,865,000. Finally, Zacks Investment Management grew its position in IonQ by 10.0% during the 3rd quarter. Zacks Investment Management now owns 154,701 shares of the company's stock worth $1,352,000 after purchasing an additional 14,072 shares during the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.
IonQ Company Profile
(
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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.
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