IonQ (NYSE:IONQ) Reaches New 1-Year High – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $35.77 and last traded at $35.47, with a volume of 6632302 shares traded. The stock had previously closed at $32.21.

Wall Street Analysts Forecast Growth

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

IonQ Price Performance

The stock has a 50 day simple moving average of $17.10 and a two-hundred day simple moving average of $10.94. The company has a market cap of $7.87 billion, a price-to-earnings ratio of -43.79 and a beta of 1.89.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same period in the previous year, the firm posted ($0.22) EPS. The company’s revenue was up 102.1% compared to the same quarter last year. As a group, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the sale, the executive now owns 638,908 shares in the company, valued at $7,488,001.76. The trade was a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 66,000 shares of company stock valued at $972,331 in the last 90 days. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in IonQ by 5.1% in the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after buying an additional 918,265 shares during the last quarter. Carnegie Investment Counsel purchased a new stake in shares of IonQ in the 3rd quarter valued at approximately $5,036,000. SG Americas Securities LLC lifted its holdings in shares of IonQ by 27.3% in the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock worth $18,661,000 after acquiring an additional 569,906 shares during the last quarter. Yong Rong HK Asset Management Ltd purchased a new position in shares of IonQ during the 3rd quarter worth approximately $3,749,000. Finally, Main Management ETF Advisors LLC purchased a new position in shares of IonQ during the 3rd quarter worth approximately $1,865,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.