IonQ (NYSE:IONQ) Hits New 12-Month High – What’s Next?

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Craig Hallum upped their price objective on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lowered their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Needham & Company LLC raised their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Benchmark raised their target price on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Trading Down 2.1 %

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

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

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction dated 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 approximately $7,488,001.76. This trade represents a 1.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 66,000 shares of company stock worth $972,331 over the last ninety days. 11.60% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC increased its position in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after buying an additional 6,368 shares during the period. Redwood Wealth Management Group LLC acquired a new stake in shares of IonQ in the second quarter valued at approximately $67,000. nVerses Capital LLC acquired a new stake in shares of IonQ in the third quarter valued at approximately $72,000. Mosley Wealth Management acquired a new stake in IonQ during the 2nd quarter worth $81,000. Finally, Xponance Inc. acquired a new stake in IonQ during the 2nd quarter worth $88,000. 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.