IonQ (NYSE:IONQ) Hits New 52-Week High on Analyst Upgrade

IonQ, Inc. (NYSE:IONQ) shares reached a new 52-week high on Thursday after Craig Hallum raised their price target on the stock from $15.00 to $22.00. Craig Hallum currently has a buy rating on the stock. IonQ traded as high as $18.47 and last traded at $18.39, with a volume of 4979755 shares. The stock had previously closed at $16.45.

A number of other equities research analysts have also issued reports on the stock. Needham & Company LLC lifted their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday. 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 report on Friday, August 9th. Finally, Benchmark upped 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.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction 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 transaction, the executive now owns 638,908 shares of the company’s stock, valued at $7,488,001.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 66,000 shares of company stock worth $972,331 over the last three months. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC increased its position in IonQ by 1,598.7% in the 1st quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock valued at $20,825,000 after buying an additional 1,961,909 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of IonQ by 5.1% in the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after buying an additional 918,265 shares during the period. Carnegie Investment Counsel purchased a new position in shares of IonQ during the 3rd quarter valued at $5,036,000. Yong Rong HK Asset Management Ltd bought a new position in shares of IonQ during the 3rd quarter worth $3,749,000. Finally, Gagnon Securities LLC purchased a new stake in IonQ in the 1st quarter worth about $2,410,000. Institutional investors own 41.42% of the company’s stock.

IonQ Stock Performance

The business’s 50 day moving average is $10.49 and its two-hundred day moving average is $8.79. The firm has a market capitalization of $4.73 billion, a PE ratio of -27.78 and a beta of 1.89.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the company earned ($0.22) earnings per share. IonQ’s revenue was up 102.1% compared to the same quarter last year. As a group, equities research analysts predict that IonQ, Inc. will post -0.84 EPS for the current year.

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.