IonQ (NYSE:IONQ) Stock Price Up 3.2% - Here's What Happened

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares traded up 3.2% during mid-day trading on Monday . The company traded as high as $51.44 and last traded at $49.29. 11,482,997 shares were traded during mid-day trading, a decline of 43% from the average session volume of 20,264,691 shares. The stock had previously closed at $47.77.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. DA Davidson initiated coverage on shares of IonQ in a research report on Thursday, December 19th. They set a "buy" rating and a $50.00 price target for the company. Craig Hallum raised their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Needham & Company LLC boosted their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, Benchmark increased their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $28.60.

IonQ Stock Up 6.7 %

The company has a 50 day moving average of $32.53 and a 200-day moving average of $16.96. The stock has a market capitalization of $11.03 billion, a P/E ratio of -62.91 and a beta of 2.43.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results 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 net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same period last year, the firm posted ($0.22) earnings per share. The company's quarterly revenue was up 102.1% on a year-over-year basis. Equities analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In related news, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the sale, the executive now owns 571,321 shares of the company's stock, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,223 shares of company stock valued at $2,286,983. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company's stock worth $38,640,000 after purchasing an additional 199,360 shares during the period. State Street Corp lifted its stake in shares of IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company's stock worth $37,240,000 after acquiring an additional 75,596 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company's stock valued at $14,107,000 after acquiring an additional 135,851 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of IonQ by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company's stock valued at $6,443,000 after acquiring an additional 131,439 shares during the period. Finally, FMR LLC raised its holdings in IonQ by 7.2% during the third quarter. FMR LLC now owns 612,625 shares of the company's stock worth $5,354,000 after purchasing an additional 41,125 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

About IonQ

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.