IonQ (NYSE:IONQ) Reaches New 52-Week High – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $50.15 and last traded at $49.85, with a volume of 4866711 shares trading hands. The stock had previously closed at $47.77.

Analysts Set New Price Targets

Several research firms recently issued reports on IONQ. Craig Hallum increased their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark raised their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, DA Davidson initiated coverage on IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and an average price target of $28.60.

IonQ Stock Up 3.6 %

The firm’s fifty day moving average price is $31.87 and its 200 day moving average price is $16.65. The stock has a market cap of $10.71 billion, a PE ratio of -61.09 and a beta of 2.43.

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 ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.22) EPS. As a group, analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity at IonQ

In other news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,223 shares of company stock valued at $2,286,983. Insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several large investors have recently added to or reduced their stakes in IONQ. GAMMA Investing LLC lifted its stake in shares of IonQ by 73.2% in the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after purchasing an additional 480 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after buying an additional 890 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of IonQ by 3.6% in the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after buying an additional 1,731 shares during the period. Verity Asset Management Inc. lifted its stake in shares of IonQ by 12.4% during the 3rd quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock worth $296,000 after acquiring an additional 3,736 shares during the last quarter. Finally, HighTower Advisors LLC boosted its holdings in IonQ by 29.3% during the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock valued at $166,000 after acquiring an additional 4,288 shares during the period. 41.42% of the stock is owned by institutional investors.

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.