IonQ (NYSE:IONQ) Sets New 12-Month High – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $43.94 and last traded at $41.01, with a volume of 10086759 shares. The stock had previously closed at $41.81.

Analyst Ratings Changes

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

IonQ Stock Performance

The company has a market cap of $8.11 billion, a P/E ratio of -46.30 and a beta of 2.49. The firm’s fifty day moving average is $24.51 and its two-hundred day moving average is $13.57.

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

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the sale, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This represents a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,223 shares of company stock valued at $2,286,983. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after acquiring an additional 199,360 shares in the last quarter. State Street Corp lifted its position in shares of IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after buying an additional 75,596 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of IonQ by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock worth $6,443,000 after buying an additional 131,439 shares during the last quarter. Finally, FMR LLC raised its stake in shares of IonQ by 7.2% during the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after acquiring an additional 41,125 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors.

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.