IonQ (NYSE:IONQ) Trading Up 9.8% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shot up 9.8% during trading on Wednesday . The company traded as high as $11.59 and last traded at $11.52. 4,296,631 shares changed hands during trading, a decline of 28% from the average session volume of 5,995,733 shares. The stock had previously closed at $10.49.

Wall Street Analyst Weigh In

IONQ has been the topic of several research reports. Needham & Company LLC reissued a "buy" rating and set a $13.00 price target on shares of IonQ in a research note on Wednesday, October 2nd. Benchmark lowered their price target on shares of IonQ from $16.00 to $12.00 and set a "buy" rating for the company in a research note on Monday, August 12th. 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. Finally, Craig Hallum decreased their price objective on IonQ from $21.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $12.00.

IonQ Trading Up 17.3 %

The company has a market capitalization of $2.60 billion, a P/E ratio of -14.83 and a beta of 2.05. The stock's fifty day moving average is $8.06 and its 200 day moving average is $8.06.

IonQ (NYSE:IONQ - Get Free Report) last issued 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. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. During the same period in the prior year, the firm posted ($0.16) earnings per share. The company's quarterly revenue was up 106.4% compared to the same quarter last year. On average, analysts expect that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the company's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the transaction, the executive now directly owns 648,783 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Quest Partners LLC grew its position in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company's stock worth $46,000 after buying an additional 6,368 shares during the period. Redwood Wealth Management Group LLC bought a new stake in IonQ during the second quarter worth about $67,000. nVerses Capital LLC purchased a new stake in IonQ in the third quarter worth about $72,000. Mosley Wealth Management bought a new position in shares of IonQ during the second quarter valued at approximately $81,000. Finally, Xponance Inc. purchased a new position in shares of IonQ during the second quarter valued at approximately $88,000. Hedge funds and other institutional investors own 41.42% of the company's stock.

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.