IonQ (NYSE:IONQ) Trading Up 9.8% After Analyst Upgrade

IonQ, Inc. (NYSE:IONQ)’s share price was up 9.8% during mid-day trading on Friday 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 $25.68 and last traded at $24.27. Approximately 26,763,076 shares traded hands during trading, an increase of 253% from the average daily volume of 7,581,487 shares. The stock had previously closed at $22.11.

Several other research analysts have also recently issued reports on IONQ. The Goldman Sachs Group reduced their target price 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 raised their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the transaction, the executive now owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 66,000 shares of company stock valued at $972,331. Corporate insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several institutional investors have recently modified their holdings of the stock. Moors & Cabot Inc. acquired a new stake in shares of IonQ in the third quarter valued at about $92,000. Prospera Financial Services Inc boosted its position in IonQ by 196.1% during the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock worth $337,000 after acquiring an additional 25,502 shares during the last quarter. LMR Partners LLP acquired a new position in IonQ during the third quarter worth about $874,000. Verity Asset Management Inc. boosted 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 worth $296,000 after acquiring an additional 3,736 shares during the last quarter. Finally, PDS Planning Inc acquired a new position in IonQ during the third quarter worth about $101,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Stock Up 12.2 %

The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of -31.38 and a beta of 1.89. The business’s 50-day moving average is $10.78 and its two-hundred day moving average is $8.89.

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