IonQ (NYSE:IONQ) Shares Up 0.3% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report) was up 0.3% during trading on Monday . The stock traded as high as $15.11 and last traded at $14.89. Approximately 5,853,194 shares changed hands during trading, a decline of 17% from the average daily volume of 7,074,622 shares. The stock had previously closed at $14.85.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IONQ. Needham & Company LLC reissued a "buy" rating and issued a $13.00 price target on shares of IonQ in a research note on Wednesday, October 2nd. Benchmark reduced their price objective on 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 lowered their target price on IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a research report on Friday, August 9th. Finally, Craig Hallum reduced their price target on shares of IonQ from $21.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, August 8th.

IonQ Trading Down 3.2 %

The stock has a market capitalization of $3.08 billion, a P/E ratio of -18.19 and a beta of 1.88. The business has a fifty day simple moving average of $10.14 and a 200 day simple moving average of $8.68.

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

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares of the company's stock, valued at approximately $10,519,679.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Oppenheimer & Co. Inc. lifted its holdings in IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company's stock valued at $365,000 after purchasing an additional 1,400 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of IonQ by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company's stock valued at $348,000 after buying an additional 1,731 shares in the last quarter. ProShare Advisors LLC boosted its holdings in IonQ by 10.5% in the 1st quarter. ProShare Advisors LLC now owns 29,427 shares of the company's stock worth $294,000 after buying an additional 2,805 shares during the period. Verity Asset Management Inc. grew its stake in IonQ by 12.4% in the 3rd quarter. Verity Asset Management Inc. now owns 33,898 shares of the company's stock valued at $296,000 after buying an additional 3,736 shares in the last quarter. Finally, Quest Partners LLC raised its holdings in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company's stock valued at $46,000 after acquiring an additional 6,368 shares during the period. 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.