IonQ (NYSE:IONQ) Trading Up 21.6% on Analyst Upgrade

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) traded up 21.6% on Thursday 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 $20.20 and last traded at $20.00. 22,410,355 shares traded hands during mid-day trading, an increase of 208% from the average session volume of 7,268,965 shares. The stock had previously closed at $16.45.

A number of other equities analysts also recently weighed in on IONQ. Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday. Needham & Company LLC lifted their target price on IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday. Finally, The Goldman Sachs Group reduced their target price on IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a report on Friday, August 9th.

Insider Activity

In related news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now owns 648,783 shares of the company's stock, valued at approximately $6,954,953.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 66,000 shares of company stock valued at $972,331 in the last 90 days. Insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC raised 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 buying an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in shares of IonQ during the 2nd quarter valued at $67,000. nVerses Capital LLC bought a new stake in shares of IonQ during the third quarter valued at approximately $72,000. Mosley Wealth Management bought a new stake in IonQ in the 2nd quarter valued at $81,000. Finally, Xponance Inc. bought a new position in IonQ during the second quarter valued at approximately $88,000. Hedge funds and other institutional investors own 41.42% of the company's stock.

IonQ Stock Up 34.3 %

The business's fifty day moving average is $10.49 and its two-hundred day moving average is $8.79. The stock has a market capitalization of $4.73 billion, a PE ratio of -27.78 and a beta of 1.89.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The firm had revenue of $12.40 million for the quarter, compared to analysts' expectations of $10.56 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business's quarterly revenue was up 102.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.22) EPS. Sell-side analysts expect that IonQ, Inc. will post -0.84 EPS for the current fiscal 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.