IonQ (NYSE:IONQ) Sets New 1-Year High – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $35.77 and last traded at $35.47, with a volume of 6632302 shares trading hands. The stock had previously closed at $32.21.

Wall Street Analyst Weigh In

IONQ has been the subject of a number of research analyst reports. Benchmark raised their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. 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, November 7th. The Goldman Sachs Group decreased their price target 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. Finally, Craig Hallum lifted their price objective on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

IonQ Trading Up 13.3 %

The stock’s fifty day moving average price is $17.66 and its 200 day moving average price is $11.15. The stock has a market cap of $7.90 billion, a P/E ratio of -45.06 and a beta of 1.89.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate 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 previous year, the firm earned ($0.22) EPS. The company’s revenue was up 102.1% on a year-over-year basis. As a group, sell-side analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

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 stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently added to or reduced their stakes in the stock. Arete Wealth Advisors LLC bought a new stake in shares of IonQ during the 3rd quarter valued at about $91,000. Geode Capital Management LLC grew its position in IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after buying an additional 199,360 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in IonQ during the third quarter valued at approximately $1,631,000. Main Management ETF Advisors LLC bought a new position in IonQ in the third quarter worth approximately $1,865,000. Finally, Zacks Investment Management boosted its stake in shares of IonQ by 10.0% during the 3rd quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock worth $1,352,000 after acquiring an additional 14,072 shares during the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.