IonQ (NYSE:IONQ) Trading 26.3% Higher - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price shot up 26.3% during trading on Wednesday . The stock traded as high as $38.38 and last traded at $37.28. 36,637,886 shares changed hands during trading, a decline of 23% from the average session volume of 47,616,500 shares. The stock had previously closed at $29.51.

Wall Street Analyst Weigh In

IONQ has been the subject of several research analyst reports. Craig Hallum upped their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their target price on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. DA Davidson started coverage on shares of IonQ in a research note on Thursday, December 19th. They issued a "buy" rating and a $50.00 price objective on the stock. Finally, Needham & Company LLC upped their price objective on IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research note 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $33.00.

IonQ Trading Up 33.1 %

The stock has a fifty day simple moving average of $34.67 and a two-hundred day simple moving average of $18.09. The company has a market cap of $8.50 billion, a PE ratio of -48.51 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.02). The business had revenue of $12.40 million during the quarter, compared to analysts' expectations of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm's quarterly revenue was up 102.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.22) earnings per share. As a group, equities research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In related news, CRO Rima Alameddine sold 11,375 shares of the firm's stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $13.72, for a total value of $156,065.00. Following the completion of the transaction, the executive now directly owns 627,533 shares of the company's stock, valued at $8,609,752.76. This trade represents a 1.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the business's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,473 shares of company stock worth $2,065,388 in the last 90 days. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its position 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 purchasing an additional 135,851 shares during the last quarter. Carnegie Investment Counsel acquired a new stake in IonQ during the 3rd quarter valued at $5,036,000. Yong Rong HK Asset Management Ltd purchased a new position in IonQ during the third quarter worth $3,749,000. Rockefeller Capital Management L.P. raised its holdings in shares of IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company's stock worth $3,825,000 after acquiring an additional 111,435 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of IonQ in the third quarter valued at $1,631,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.