IonQ (NYSE:IONQ) Trading Up 3.6%

IonQ, Inc. (NYSE:IONQ)’s share price rose 3.6% during mid-day trading on Friday . The company traded as high as $8.05 and last traded at $8.00. Approximately 2,122,709 shares were traded during trading, a decline of 61% from the average daily volume of 5,460,833 shares. The stock had previously closed at $7.72.

Analyst Ratings Changes

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

IonQ Stock Performance

The stock’s 50-day moving average is $7.52 and its 200 day moving average is $8.12. The firm has a market cap of $1.71 billion, a P/E ratio of -9.87 and a beta of 2.04.

IonQ (NYSE:IONQ) last released 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 return on equity of 34.02% and a negative net margin of 525.13%. The company had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. During the same quarter last year, the firm posted ($0.16) earnings per share. IonQ’s revenue was up 106.4% compared to the same quarter last year. On average, research analysts anticipate that IonQ, Inc. will post -0.84 EPS for the current year.

Institutional Investors Weigh In On IonQ

Institutional investors have recently added to or reduced their stakes in the stock. Granite Bay Wealth Management LLC acquired a new stake in IonQ in the 2nd quarter valued at approximately $221,000. Algert Global LLC acquired a new position in IonQ during the second quarter worth $126,000. The Manufacturers Life Insurance Company grew its position in IonQ by 16.8% in the second quarter. The Manufacturers Life Insurance Company now owns 115,782 shares of the company’s stock valued at $814,000 after purchasing an additional 16,642 shares in the last quarter. Xponance Inc. acquired a new stake in IonQ in the 2nd quarter valued at $88,000. Finally, Redwood Wealth Management Group LLC acquired a new stake in IonQ in the 2nd quarter valued at $67,000. 41.42% of the stock is owned by 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.