IonQ (NYSE:IONQ) Stock Price Up 6.6% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares were up 6.6% during mid-day trading on Friday . The company traded as high as $13.80 and last traded at $13.32. Approximately 9,336,488 shares traded hands during trading, an increase of 53% from the average daily volume of 6,107,747 shares. The stock had previously closed at $12.50.

Analyst Ratings Changes

IONQ has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price target on shares of IonQ in a research report on Wednesday, October 2nd. Benchmark lowered their price target on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. Craig Hallum decreased their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group dropped their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

IonQ Trading Up 6.4 %

The firm’s 50 day simple moving average is $8.29 and its 200-day simple moving average is $8.10. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of -16.02 and a beta of 2.05.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business had revenue of $11.38 million for the quarter, compared to the consensus estimate of $8.66 million. During the same period in the previous year, the company earned ($0.16) earnings per share. The firm’s revenue for the quarter was up 106.4% on a year-over-year basis. As a group, equities research analysts predict that IonQ, Inc. will post -0.84 earnings per share for the current year.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the transaction, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 31,125 shares of company stock worth $377,660. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Bleakley Financial Group LLC acquired a new position in IonQ in the 3rd quarter valued at $152,000. Good Life Advisors LLC acquired a new position in shares of IonQ in the third quarter valued at about $250,000. nVerses Capital LLC acquired a new position in shares of IonQ in the third quarter valued at about $72,000. Vontobel Holding Ltd. raised its stake in IonQ by 49.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 42,562 shares of the company’s stock worth $372,000 after purchasing an additional 14,095 shares in the last quarter. Finally, Creative Planning boosted its holdings in IonQ by 47.8% in the 3rd quarter. Creative Planning now owns 24,364 shares of the company’s stock valued at $213,000 after purchasing an additional 7,878 shares during the period. Institutional investors 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.