IonQ (NYSE:IONQ) Sets New 1-Year High – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $26.52 and last traded at $26.29, with a volume of 8297242 shares trading hands. The stock had previously closed at $23.01.

Wall Street Analyst Weigh In

IONQ has been the topic of several analyst reports. The Goldman Sachs Group cut their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Craig Hallum boosted their price objective on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Benchmark upped their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Trading Down 2.1 %

The stock’s 50-day simple moving average is $12.17 and its 200-day simple moving average is $9.35. The stock has a market cap of $5.61 billion, a price-to-earnings ratio of -31.67 and a beta of 1.89.

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

Insider Activity

In other news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, 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 filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 66,000 shares of company stock valued at $972,331. Insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Large investors have recently bought and sold shares of the stock. Verition Fund Management LLC bought a new position in shares of IonQ in the third quarter valued at $479,000. Rockefeller Capital Management L.P. lifted its stake in shares of IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after buying an additional 111,435 shares in the last quarter. FMR LLC lifted its position in shares of IonQ by 7.2% during the third quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of IonQ by 15.6% during the third quarter. D.A. Davidson & CO. now owns 94,568 shares of the company’s stock valued at $827,000 after purchasing an additional 12,788 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after purchasing an additional 135,851 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.