IonQ (NYSE:IONQ) Stock Price Up 6.5% – What’s Next?

by · The Markets Daily

IonQ, Inc. (NYSE:IONQ – Get Free Report)’s share price was up 6.5% during trading on Wednesday . The company traded as high as $16.13 and last traded at $15.98. Approximately 12,611,358 shares were traded during mid-day trading, an increase of 98% from the average daily volume of 6,383,259 shares. The stock had previously closed at $15.01.

Analysts Set New Price Targets

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

View Our Latest Research Report on IONQ

IonQ Price Performance

The stock has a market cap of $3.57 billion, a P/E ratio of -19.93 and a beta of 2.05. The company has a fifty day moving average price of $8.92 and a 200 day moving average price of $8.27.

IonQ (NYSE:IONQ – Get Free Report) last released 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 during the quarter, compared to the consensus estimate 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 quarterly revenue was up 106.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.16) earnings per share. As a group, sell-side analysts expect that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Insider Activity

In related news, CRO Rima Alameddine sold 11,375 shares of the company’s stock in a transaction 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 completion of the sale, the executive now owns 627,533 shares in the company, valued at approximately $8,609,752.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 31,125 shares of company stock worth $377,660 over the last quarter. 11.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC boosted its stake in IonQ by 4,824.2% in the second 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 last quarter. Redwood Wealth Management Group LLC purchased a new position in IonQ in the second quarter valued at about $67,000. nVerses Capital LLC bought a new stake in shares of IonQ in the third quarter valued at approximately $72,000. Mosley Wealth Management bought a new stake in shares of IonQ in the second quarter valued at approximately $81,000. Finally, Xponance Inc. bought a new stake in shares of IonQ in the second quarter valued at approximately $88,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

(Get Free Report)

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.

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