IonQ (NYSE:IONQ) Sees Unusually-High Trading Volume - Here's Why

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) saw strong trading volume on Monday . 7,566,228 shares were traded during mid-day trading, an increase of 14% from the previous session's volume of 6,641,224 shares.The stock last traded at $17.14 and had previously closed at $16.96.

Wall Street Analysts Forecast Growth

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

IonQ Trading Up 5.0 %

The stock has a market capitalization of $3.77 billion, a P/E ratio of -20.66 and a beta of 2.05. The stock has a 50 day moving average of $9.11 and a 200-day moving average of $8.33.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.04. The business had revenue of $11.38 million during 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%. IonQ's revenue was up 106.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) EPS. Research analysts anticipate that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the sale, the executive now directly owns 648,783 shares of the company's stock, valued at $6,954,953.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 43,125 shares of company stock valued at $566,300 in the last ninety days. Corporate insiders own 11.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Impact Partnership Wealth LLC purchased a new position in shares of IonQ in the 3rd quarter valued at $89,000. Bleakley Financial Group LLC purchased a new position in shares of IonQ in the 3rd quarter valued at $152,000. Good Life Advisors LLC purchased a new position in IonQ during the 3rd quarter worth $250,000. nVerses Capital LLC purchased a new position in IonQ during the 3rd quarter worth $72,000. Finally, Vontobel Holding Ltd. grew its stake in IonQ by 49.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 42,562 shares of the company's stock worth $372,000 after buying an additional 14,095 shares during the last quarter. 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.