IonQ (NYSE:IONQ) Sees Large Volume Increase – What’s Next?

IonQ, Inc. (NYSE:IONQ) shares saw unusually-high trading volume on Wednesday . Approximately 10,906,042 shares were traded during trading, an increase of 19% from the previous session’s volume of 9,156,572 shares.The stock last traded at $29.19 and had previously closed at $30.65.

Analysts Set New Price Targets

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

IonQ Stock Up 5.1 %

The company has a market cap of $6.97 billion, a P/E ratio of -39.77 and a beta of 1.89. The stock’s 50-day moving average price is $17.10 and its 200 day moving average price is $10.94.

IonQ (NYSE:IONQ) last posted its quarterly 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 during the quarter, compared to analyst estimates of $10.56 million. During the same period last year, the company earned ($0.22) EPS. The business’s revenue for the quarter was up 102.1% on a year-over-year basis. Analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other news, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the sale, the executive now directly owns 638,908 shares of the company’s stock, valued at $7,488,001.76. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold a total of 66,000 shares of company stock worth $972,331 over the last three months. Corporate insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC lifted 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 worth $46,000 after acquiring an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new position in IonQ in the 2nd quarter worth about $67,000. nVerses Capital LLC bought a new position in IonQ in the third quarter valued at about $72,000. Mosley Wealth Management acquired a new stake in shares of IonQ during the second quarter valued at about $81,000. Finally, Xponance Inc. bought a new stake in shares of IonQ during the second quarter worth about $88,000. 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.