IonQ, Inc. (NYSE:IONQ) Short Interest Down 6.7% in October

IonQ, Inc. (NYSE:IONQ) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 39,300,000 shares, a decline of 6.7% from the October 15th total of 42,140,000 shares. Approximately 21.2% of the company’s stock are sold short. Based on an average daily trading volume, of 12,810,000 shares, the short-interest ratio is presently 3.1 days.

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares in the company, valued at approximately $7,488,001.76. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have sold 66,000 shares of company stock worth $972,331. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of IonQ by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after acquiring an additional 918,265 shares during the last quarter. Carnegie Investment Counsel bought a new position in IonQ in the third quarter valued at about $5,036,000. SG Americas Securities LLC boosted its stake in shares of IonQ by 27.3% during the second quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock valued at $18,661,000 after purchasing an additional 569,906 shares in the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in shares of IonQ during the third quarter worth about $3,749,000. Finally, Gagnon Securities LLC acquired a new position in shares of IonQ in the first quarter valued at approximately $2,410,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

IonQ Stock Up 10.5 %

Shares of IONQ stock opened at $27.88 on Wednesday. IonQ has a 12-month low of $6.22 and a 12-month high of $29.48. The firm has a 50 day moving average price of $13.79 and a two-hundred day moving average price of $9.87. The company has a market capitalization of $6.03 billion, a PE ratio of -34.42 and a beta of 1.89.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) 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 the consensus estimate of $10.56 million. During the same period in the prior year, the business posted ($0.22) earnings per share. IonQ’s revenue was up 102.1% compared to the same quarter last year. As a group, research analysts expect that IonQ will post -0.86 EPS for the current year.

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.