IonQ (NYSE:IONQ) Trading 7.9% Higher – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) shot up 7.9% during mid-day trading on Tuesday . The company traded as high as $44.87 and last traded at $44.60. 10,933,554 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 10,545,495 shares. The stock had previously closed at $41.32.

Analyst Ratings Changes

Several analysts recently commented on IONQ shares. DA Davidson began coverage on IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price on the stock. Craig Hallum raised their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday. Needham & Company LLC upped their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Benchmark increased their target price 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. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, IonQ has a consensus rating of “Moderate Buy” and a consensus price target of $28.60.

IonQ Trading Up 7.9 %

The firm has a 50-day moving average price of $26.35 and a 200-day moving average price of $14.31. The company has a market capitalization of $9.65 billion, a price-to-earnings ratio of -55.04 and a beta of 2.49.

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 analysts’ consensus estimates 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 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 earned ($0.22) earnings per share. IonQ’s revenue was up 102.1% on a year-over-year basis. Equities research analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction on Wednesday, December 11th. The stock was 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 in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,223 shares of company stock worth $2,286,983 in the last ninety days. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System lifted its holdings in shares of IonQ by 3.6% in the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after purchasing an additional 1,731 shares in the last quarter. Verity Asset Management Inc. raised its position in IonQ by 12.4% during the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock valued at $296,000 after buying an additional 3,736 shares during the period. HighTower Advisors LLC lifted its stake in IonQ by 29.3% in the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after acquiring an additional 4,288 shares in the last quarter. Quest Partners LLC boosted its position in IonQ by 4,824.2% during the 2nd 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. Finally, Principal Financial Group Inc. boosted its position in IonQ by 40.6% during the 2nd quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock worth $188,000 after acquiring an additional 7,744 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.