IonQ (NYSE:IONQ) Trading Up 0.8% - Here's What Happened

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded up 0.8% during mid-day trading on Wednesday . The stock traded as high as $30.42 and last traded at $28.11. 14,758,608 shares traded hands during trading, an increase of 69% from the average session volume of 8,711,479 shares. The stock had previously closed at $27.89.

Analyst Upgrades and Downgrades

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

IonQ Stock Up 0.7 %

The company has a market capitalization of $6.08 billion, a P/E ratio of -34.70 and a beta of 1.89. The firm has a fifty day simple moving average of $13.79 and a 200-day simple moving average of $9.87.

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

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the firm's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now owns 592,658 shares of the company's stock, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 66,000 shares of company stock worth $972,331 over the last ninety days. Insiders own 11.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Carnegie Investment Counsel acquired a new position in shares of IonQ during the 3rd quarter worth approximately $5,036,000. Yong Rong HK Asset Management Ltd bought a new position in shares of IonQ in the 3rd quarter valued at $3,749,000. Bleakley Financial Group LLC acquired a new position in shares of IonQ during the 3rd quarter worth $152,000. Gamco Investors INC. ET AL bought a new stake in shares of IonQ during the 1st quarter worth $185,000. Finally, LMR Partners LLP acquired a new stake in IonQ in the third quarter valued at about $874,000. Institutional investors and hedge funds own 41.42% of the company's stock.

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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