IonQ Target of Unusually High Options Trading (NYSE:IONQ)

IonQ, Inc. (NYSE:IONQ) was the target of unusually large options trading activity on Friday. Investors purchased 47,277 call options on the stock. This represents an increase of approximately 591% compared to the typical daily volume of 6,842 call options.

IonQ Stock Up 20.5 %

IONQ traded up $1.65 during trading on Friday, hitting $9.71. The company’s stock had a trading volume of 44,977,168 shares, compared to its average volume of 5,688,012. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of -11.12 and a beta of 2.04. The firm’s 50 day moving average price is $7.46 and its two-hundred day moving average price is $8.05. IonQ has a 12 month low of $6.22 and a 12 month high of $16.60.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. The business had revenue of $11.38 million for the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm’s quarterly revenue was up 106.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) EPS. On average, sell-side analysts forecast that IonQ will post -0.84 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IONQ. Oppenheimer & Co. Inc. raised its stake in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after buying an additional 1,400 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of IonQ by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after purchasing an additional 1,731 shares during the period. ProShare Advisors LLC grew its stake in shares of IonQ by 10.5% during the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock worth $294,000 after purchasing an additional 2,805 shares during the period. Precision Wealth Strategies LLC lifted its stake in IonQ by 38.6% in the fourth quarter. Precision Wealth Strategies LLC now owns 14,048 shares of the company’s stock valued at $174,000 after buying an additional 3,909 shares during the period. Finally, Quest Partners LLC grew its position in shares of IonQ by 4,824.2% during 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. Institutional investors own 41.42% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.