IonQ (NYSE:IONQ) Shares Up 3.6%

IonQ, Inc. (NYSE:IONQ) traded up 3.6% during trading on Friday . The stock traded as high as $8.05 and last traded at $8.00. 2,122,709 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 5,460,833 shares. The stock had previously closed at $7.72.

Analyst Ratings Changes

Several research firms have recently weighed in on IONQ. The Goldman Sachs Group reduced their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Benchmark dropped their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Craig Hallum reduced their target price on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

IonQ Stock Performance

The business’s 50 day moving average price is $7.52 and its 200-day moving average price is $8.12. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -9.87 and a beta of 2.04.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS 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 firm had revenue of $11.38 million during the quarter, compared to analysts’ expectations of $8.66 million. During the same quarter last year, the company earned ($0.16) earnings per share. The company’s revenue for the quarter was up 106.4% compared to the same quarter last year. On average, equities research analysts expect that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IonQ

Several large investors have recently made changes to their positions in the company. Precision Wealth Strategies LLC increased its holdings in IonQ by 38.6% during the 4th quarter. Precision Wealth Strategies LLC now owns 14,048 shares of the company’s stock valued at $174,000 after purchasing an additional 3,909 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of IonQ by 29.2% during the fourth quarter. Victory Capital Management Inc. now owns 48,083 shares of the company’s stock valued at $596,000 after purchasing an additional 10,855 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of IonQ by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,321,275 shares of the company’s stock valued at $16,371,000 after purchasing an additional 29,577 shares in the last quarter. Norges Bank acquired a new stake in shares of IonQ in the fourth quarter valued at approximately $26,430,000. Finally, Quest Partners LLC bought a new position in IonQ in the 4th quarter worth approximately $218,000. 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.