IonQ (NYSE:IONQ) Shares Up 0.5% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price traded up 0.5% on Friday . The company traded as high as $41.60 and last traded at $41.77. 11,822,929 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 47,911,668 shares. The stock had previously closed at $41.55.

Wall Street Analyst Weigh In

IONQ has been the subject of a number of research analyst reports. DA Davidson started coverage on IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price for the company. Needham & Company LLC raised their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Benchmark raised their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Stock Down 3.4 %

The firm has a market cap of $8.69 billion, a price-to-earnings ratio of -49.99 and a beta of 2.43. The company has a 50-day moving average price of $35.52 and a 200 day moving average price of $18.40.

IonQ (NYSE:IONQ) last released its 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). The business had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company’s revenue was up 102.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.22) EPS. Equities analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 12,000 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $15.72, for a total value of $188,640.00. Following the transaction, the executive now owns 615,533 shares in the company, valued at approximately $9,676,178.76. This represents a 1.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,098 shares of company stock valued at $1,909,323 in the last quarter. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently bought and sold shares of the business. Rhumbline Advisers boosted its stake in shares of IonQ by 13.5% during the 2nd quarter. Rhumbline Advisers now owns 295,918 shares of the company’s stock worth $2,080,000 after acquiring an additional 35,158 shares in the last quarter. Quest Partners LLC lifted its holdings in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares during the last quarter. Xponance Inc. bought a new stake in IonQ during the second quarter worth approximately $88,000. The Manufacturers Life Insurance Company grew its holdings in IonQ by 16.8% during the second quarter. The Manufacturers Life Insurance Company now owns 115,782 shares of the company’s stock valued at $814,000 after purchasing an additional 16,642 shares during the last quarter. Finally, Algert Global LLC bought a new position in shares of IonQ in the second quarter valued at approximately $126,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.