IonQ (NYSE:IONQ) Trading Up 2% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) were up 2% during mid-day trading on Tuesday . The company traded as high as $25.44 and last traded at $23.99. Approximately 15,634,603 shares traded hands during mid-day trading, an increase of 97% from the average daily volume of 7,920,517 shares. The stock had previously closed at $23.52.

Analyst Ratings Changes

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

IonQ Price Performance

The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -31.67 and a beta of 1.89. The business has a fifty day moving average of $12.17 and a 200 day moving average of $9.35.

IonQ (NYSE:IONQ) last released its quarterly earnings data 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 business had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same quarter in the prior year, the company posted ($0.22) earnings per share. The company’s revenue was up 102.1% on a year-over-year basis. On average, equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the transaction, the executive now directly owns 592,658 shares in the company, valued at $10,519,679.50. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 66,000 shares of company stock worth $972,331 over the last ninety days. Corporate insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Quest Partners LLC increased its position 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 acquiring an additional 6,368 shares during the period. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ during the second quarter worth $67,000. nVerses Capital LLC purchased a new stake in shares of IonQ during the third quarter worth $72,000. Mosley Wealth Management purchased a new stake in shares of IonQ during the second quarter worth $81,000. Finally, Xponance Inc. purchased a new stake in shares of IonQ during the second quarter worth $88,000. 41.42% of the stock is currently 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.