IonQ (NYSE:IONQ) Trading 5.4% Higher

IonQ, Inc. (NYSE:IONQ) shot up 5.4% during mid-day trading on Wednesday . The company traded as high as $8.67 and last traded at $8.61. 5,394,338 shares changed hands during trading, a decline of 7% from the average session volume of 5,797,942 shares. The stock had previously closed at $8.17.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Benchmark dropped 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. The Goldman Sachs Group dropped their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 target price on shares of IonQ in a research note on Wednesday. Finally, Craig Hallum cut their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and an average target price of $12.00.

IonQ Stock Performance

The company’s 50-day simple moving average is $7.52 and its two-hundred day simple moving average is $8.01. The firm has a market cap of $1.95 billion, a PE ratio of -10.52 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, beating analysts’ consensus estimates of ($0.22) by $0.04. The business had revenue of $11.38 million during the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. IonQ’s quarterly revenue was up 106.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.16) EPS. On average, analysts expect that IonQ, Inc. will post -0.84 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Morgens Waterfall Vintiadis & Co. Inc. purchased a new position in shares of IonQ during the fourth quarter valued at approximately $1,858,000. Oppenheimer & Co. Inc. boosted its stake in IonQ by 4.0% in the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after purchasing an additional 1,400 shares in the last quarter. Gamco Investors INC. ET AL purchased a new stake in IonQ during the 1st quarter valued at about $185,000. Vanguard Group Inc. increased its stake in IonQ by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock valued at $221,864,000 after purchasing an additional 193,924 shares in the last quarter. Finally, Swiss National Bank raised its holdings in IonQ by 14.8% in the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock worth $3,433,000 after buying an additional 44,200 shares during the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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.