IonQ (NYSE:IONQ) Shares Up 8.1% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price shot up 8.1% during trading on Tuesday . The stock traded as high as $27.56 and last traded at $27.28. 12,795,838 shares were traded during mid-day trading, an increase of 49% from the average session volume of 8,607,291 shares. The stock had previously closed at $25.23.

Analysts Set New Price Targets

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

IonQ Trading Up 11.5 %

The business's 50-day simple moving average is $13.37 and its 200 day simple moving average is $9.73. The firm has a market cap of $6.08 billion, a PE ratio of -33.68 and a beta of 1.89.

IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.02). The company had revenue of $12.40 million for the quarter, compared to analysts' expectations of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm's quarterly revenue was up 102.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.22) EPS. Analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the transaction, the executive now directly owns 592,658 shares of the company's stock, valued at approximately $10,519,679.50. This represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 66,000 shares of company stock valued at $972,331 in the last ninety days. Company insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On IonQ

A number of institutional investors have recently bought and sold shares of IONQ. Swiss National Bank raised its holdings 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. acquired a new stake in shares of IonQ in the first quarter valued at about $153,000. ProShare Advisors LLC increased its stake in shares of IonQ by 10.5% during the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company's stock worth $294,000 after purchasing an additional 2,805 shares in the last quarter. Vanguard Group Inc. lifted its stake in IonQ by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company's stock valued at $188,062,000 after buying an additional 918,265 shares in the last quarter. Finally, Seven Eight Capital LP acquired a new stake in IonQ in the 1st quarter worth about $755,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.

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