IonQ (NYSE:IONQ) Stock Price Up 1.6% – What’s Next?

IonQ, Inc. (NYSE:IONQ) was up 1.6% during mid-day trading on Friday . The company traded as high as $9.49 and last traded at $9.40. Approximately 3,556,796 shares were traded during trading, a decline of 39% from the average daily volume of 5,840,442 shares. The stock had previously closed at $9.25.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on IONQ shares. Benchmark lowered their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Craig Hallum reduced their price objective 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. Needham & Company LLC restated a “buy” rating and set a $13.00 price objective on shares of IonQ in a research report on Wednesday. Finally, The Goldman Sachs Group reduced their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

IonQ Stock Up 2.4 %

The stock’s 50-day simple moving average is $7.57 and its two-hundred day simple moving average is $8.03. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of -11.33 and a beta of 2.05.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.04. The firm 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 company’s revenue for the quarter was up 106.4% on a year-over-year basis. During the same period last year, the firm posted ($0.16) earnings per share. On average, sell-side analysts forecast that IonQ, Inc. will post -0.84 EPS for the current year.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Morgens Waterfall Vintiadis & Co. Inc. purchased a new position in IonQ during the fourth quarter worth about $1,858,000. Oppenheimer & Co. Inc. raised its stake in 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 purchasing an additional 1,400 shares during the period. Gamco Investors INC. ET AL purchased a new position in IonQ during the first quarter worth about $185,000. Vanguard Group Inc. raised its stake in shares of IonQ by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock valued at $221,864,000 after acquiring an additional 193,924 shares during the period. Finally, Swiss National Bank lifted its stake in IonQ by 14.8% during the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock worth $3,433,000 after purchasing an additional 44,200 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other 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.