IonQ (NYSE:IONQ) Trading 4.6% Higher – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price shot up 4.6% on Friday . The company traded as high as $32.07 and last traded at $31.38. 8,588,795 shares were traded during mid-day trading, a decline of 13% from the average session volume of 9,856,127 shares. The stock had previously closed at $29.99.

Analyst Upgrades and Downgrades

A number of research firms have commented on IONQ. Craig Hallum raised their target price on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

IonQ Price Performance

The firm has a market capitalization of $7.32 billion, a P/E ratio of -41.77 and a beta of 2.49. The stock’s fifty day simple moving average is $22.61 and its 200 day simple moving average is $12.88.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS 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 firm had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same period in the previous year, the company earned ($0.22) EPS. The company’s revenue was up 102.1% on a year-over-year basis. As a group, sell-side analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the sale, the executive now directly owns 592,658 shares in the company, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,223 shares of company stock valued at $2,286,983 in the last quarter. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC increased its holdings in shares of 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 purchasing an additional 6,368 shares during the period. nVerses Capital LLC acquired a new position in IonQ in the 3rd quarter worth approximately $72,000. Redwood Wealth Management Group LLC purchased a new position in IonQ during the 2nd quarter worth approximately $67,000. Impact Partnership Wealth LLC acquired a new stake in IonQ during the 3rd quarter valued at approximately $89,000. Finally, Arete Wealth Advisors LLC purchased a new stake in shares of IonQ in the 3rd quarter valued at $91,000. 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.