IonQ (NYSE:IONQ) Stock Price Up 9.8% After Analyst Upgrade

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) rose 9.8% on Friday after Craig Hallum raised their price target on the stock from $15.00 to $22.00. Craig Hallum currently has a buy rating on the stock. IonQ traded as high as $25.68 and last traded at $24.27. Approximately 26,763,076 shares traded hands during mid-day trading, an increase of 253% from the average daily volume of 7,581,487 shares. The stock had previously closed at $22.11.

IONQ has been the topic of several other reports. Needham & Company LLC raised their price objective on IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday. The Goldman Sachs Group cut their price target 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. Finally, Benchmark increased 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.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now owns 592,658 shares of the company's stock, valued at approximately $10,519,679.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. raised its stake in shares of IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company's stock valued at $365,000 after purchasing an additional 1,400 shares during the period. Arizona State Retirement System increased its position in shares of IonQ by 3.6% during the second quarter. Arizona State Retirement System now owns 49,550 shares of the company's stock valued at $348,000 after buying an additional 1,731 shares during the period. ProShare Advisors LLC lifted its holdings in shares of IonQ by 10.5% in the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company's stock worth $294,000 after buying an additional 2,805 shares in the last quarter. Verity Asset Management Inc. boosted its position in shares of IonQ by 12.4% in the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company's stock valued at $296,000 after acquiring an additional 3,736 shares during the period. Finally, Quest Partners LLC grew its stake in IonQ by 4,824.2% during the second 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. Institutional investors own 41.42% of the company's stock.

IonQ Trading Up 12.2 %

The firm has a market cap of $5.31 billion, a P/E ratio of -31.38 and a beta of 1.89. The stock's fifty day moving average is $10.78 and its two-hundred day moving average is $8.89.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The firm 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 company posted ($0.22) EPS. The company's revenue for the quarter was up 102.1% compared to the same quarter last year. On average, analysts forecast that IonQ, Inc. will post -0.84 EPS for the current year.

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.