IonQ (NYSE:IONQ) Trading Up 9.8% After Analyst Upgrade

IonQ, Inc. (NYSE:IONQ) shares traded up 9.8% on Friday after Craig Hallum raised their price target on the stock from $15.00 to $22.00. Craig Hallum currently has a buy rating on the stock. IonQ traded as high as $25.68 and last traded at $24.27. 26,763,076 shares traded hands during trading, an increase of 253% from the average session volume of 7,581,487 shares. The stock had previously closed at $22.11.

A number of other equities research analysts also recently commented on the stock. Needham & Company LLC increased their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday. 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, Benchmark upped their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the transaction, the executive now directly owns 592,658 shares of the company’s stock, valued at $10,519,679.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 66,000 shares of company stock valued at $972,331. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC boosted its holdings in shares of IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after acquiring an additional 6,368 shares during the period. Redwood Wealth Management Group LLC purchased a new position in IonQ during the 2nd quarter valued at about $67,000. nVerses Capital LLC purchased a new position in IonQ during the 3rd quarter valued at about $72,000. Mosley Wealth Management purchased a new position in IonQ during the 2nd quarter valued at about $81,000. Finally, Xponance Inc. purchased a new position in IonQ during the 2nd quarter valued at about $88,000. Institutional investors own 41.42% of the company’s stock.

IonQ Stock Performance

The company has a 50 day simple moving average of $10.78 and a two-hundred day simple moving average of $8.89. The company has a market cap of $5.31 billion, a PE ratio of -31.38 and a beta of 1.89.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The company’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.22) EPS. As a group, analysts expect that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

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.