IonQ (NYSE:IONQ) Shares Up 5.4%

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) shot up 5.4% during trading on Wednesday . The stock traded as high as $8.67 and last traded at $8.61. 5,394,338 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 5,797,942 shares. The stock had previously closed at $8.17.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Craig Hallum dropped their price objective on shares of IonQ from $21.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group reduced their price objective on IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a research note on Friday, August 9th. Benchmark decreased their price objective on IonQ from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 12th. Finally, Needham & Company LLC restated a "buy" rating and issued a $13.00 price target on shares of IonQ in a research report on Wednesday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $12.00.

IonQ Price Performance

The company has a 50-day moving average of $7.55 and a 200 day moving average of $8.02. The company has a market cap of $1.95 billion, a PE ratio of -11.10 and a beta of 2.04.

IonQ (NYSE:IONQ - Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. The firm had revenue of $11.38 million for the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The company's revenue for the quarter was up 106.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.16) EPS. Equities research analysts expect that IonQ, Inc. will post -0.84 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Quest Partners LLC grew its holdings in shares of IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company's stock worth $46,000 after purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new position in IonQ in the 2nd quarter worth about $67,000. Mosley Wealth Management purchased a new position in shares of IonQ during the second quarter worth approximately $81,000. Xponance Inc. purchased a new position in shares of IonQ during the second quarter worth approximately $88,000. Finally, DNB Asset Management AS purchased a new stake in shares of IonQ in the second quarter valued at approximately $117,000. Institutional investors 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.