IonQ (NYSE:IONQ) Sees Strong Trading Volume – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) saw an uptick in trading volume on Friday . 6,828,712 shares traded hands during mid-day trading, a decline of 17% from the previous session’s volume of 8,239,586 shares.The stock last traded at $25.37 and had previously closed at $26.16.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on IONQ shares. Benchmark raised their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group cut their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum increased their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

IonQ Trading Up 9.5 %

The stock has a fifty day moving average of $12.55 and a two-hundred day moving average of $9.47. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of -35.80 and a beta of 1.89.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. The business’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.22) earnings per share. Equities analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the transaction, the executive now directly owns 648,783 shares in the company, valued at approximately $6,954,953.76. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders sold 66,000 shares of company stock valued at $972,331. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Large investors have recently made changes to their positions in the company. Quest Partners LLC raised its stake in shares of IonQ by 4,824.2% during the second 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 last quarter. Redwood Wealth Management Group LLC bought a new stake in shares of IonQ during the 2nd quarter valued at $67,000. nVerses Capital LLC acquired a new position in shares of IonQ in the 3rd quarter valued at $72,000. Mosley Wealth Management bought a new position in shares of IonQ in the 2nd quarter worth $81,000. Finally, Xponance Inc. bought a new position in shares of IonQ in the 2nd quarter worth $88,000. 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.