IonQ (NYSE:IONQ) Stock Price Up 2.5% - Here's Why

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) rose 2.5% during trading on Friday . The stock traded as high as $16.37 and last traded at $16.11. Approximately 8,220,363 shares were traded during trading, an increase of 25% from the average daily volume of 6,563,112 shares. The stock had previously closed at $15.71.

Wall Street Analysts Forecast Growth

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

IonQ Stock Performance

The firm has a market cap of $3.59 billion, a price-to-earnings ratio of -19.93 and a beta of 2.05. The company's 50-day moving average is $8.92 and its 200-day moving average is $8.27.

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, topping analysts' consensus estimates of ($0.22) by $0.04. The business had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm's quarterly revenue was up 106.4% on a year-over-year basis. During the same period last year, the business posted ($0.16) earnings per share. On average, analysts predict that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 11,375 shares of the company'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 transaction of $156,065.00. Following the sale, the executive now owns 627,533 shares in the company, valued at $8,609,752.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders have sold 31,125 shares of company stock worth $377,660. Corporate insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in IonQ by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company's stock valued at $221,864,000 after buying an additional 193,924 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of IonQ by 283.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company's stock worth $1,121,000 after buying an additional 82,891 shares during the last quarter. StoneX Group Inc. acquired a new stake in shares of IonQ in the 1st quarter valued at approximately $420,000. Hussman Strategic Advisors Inc. grew its stake in shares of IonQ by 126.7% during the first quarter. Hussman Strategic Advisors Inc. now owns 357,000 shares of the company's stock worth $3,566,000 after buying an additional 199,500 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in IonQ by 1,598.7% in the 1st quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company's stock worth $20,825,000 after purchasing an additional 1,961,909 shares in the last quarter. 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.