IonQ (NYSE:IONQ) Shares Gap Up to $8.06

IonQ, Inc. (NYSE:IONQ) shares gapped up before the market opened on Friday . The stock had previously closed at $8.06, but opened at $8.90. IonQ shares last traded at $9.42, with a volume of 18,369,919 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on IONQ shares. The Goldman Sachs Group lowered their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Benchmark lowered their price target on 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 dropped their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, IonQ currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

IonQ Price Performance

The firm has a market capitalization of $1.98 billion, a P/E ratio of -11.81 and a beta of 2.04. The business has a 50 day moving average price of $7.46 and a 200 day moving average price of $8.05.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating 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 firm 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) EPS. The company’s revenue was up 106.4% on a year-over-year basis. As a group, equities analysts expect that IonQ, Inc. will post -0.84 EPS for the current year.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Precision Wealth Strategies LLC lifted its position in shares of IonQ by 38.6% in the 4th quarter. Precision Wealth Strategies LLC now owns 14,048 shares of the company’s stock worth $174,000 after acquiring an additional 3,909 shares during the period. Norges Bank bought a new position in IonQ in the fourth quarter worth $26,430,000. Blueshift Asset Management LLC acquired a new stake in IonQ during the fourth quarter worth $234,000. Morgens Waterfall Vintiadis & Co. Inc. bought a new stake in IonQ in the 4th quarter valued at $1,858,000. Finally, Prospect Financial Services LLC acquired a new position in shares of IonQ in the 4th quarter valued at $124,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.