IonQ (NYSE:IONQ) Trading Up 4.2% - Here's What Happened

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price rose 4.2% during mid-day trading on Friday . The company traded as high as $10.33 and last traded at $10.22. Approximately 3,428,123 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 5,903,800 shares. The stock had previously closed at $9.81.

Analysts Set New Price Targets

Several brokerages recently commented on IONQ. The Goldman Sachs Group reduced their price objective on shares of IonQ from $11.50 to $8.00 and set a "neutral" rating for the company in a research note on Friday, August 9th. Benchmark decreased their price target on shares of IonQ from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 12th. Needham & Company LLC reissued a "buy" rating and set a $13.00 price objective on shares of IonQ in a research note on Wednesday, October 2nd. Finally, Craig Hallum decreased their target price on IonQ from $21.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.00.

IonQ Trading Up 8.7 %

The company has a market capitalization of $2.28 billion, a P/E ratio of -13.06 and a beta of 2.05. The business's fifty day moving average price is $7.73 and its 200-day moving average price is $8.03.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS 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 analyst estimates 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 was up 106.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.16) EPS. As a group, equities research analysts forecast that IonQ, Inc. will post -0.84 EPS for the current year.

Institutional Trading of IonQ

Several hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC boosted its stake in shares of 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 purchasing an additional 6,368 shares during the period. Redwood Wealth Management Group LLC bought a new position in shares of IonQ during the second quarter valued at about $67,000. Prospect Financial Services LLC purchased a new stake in shares of IonQ during the fourth quarter worth about $124,000. Mosley Wealth Management bought a new stake in shares of IonQ in the second quarter worth about $81,000. Finally, QCM Cayman Ltd. purchased a new position in IonQ during the 1st quarter valued at about $120,000. 41.42% of the stock is owned by 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.