Traders Buy Large Volume of Call Options on IonQ (NYSE:IONQ)

IonQ, Inc. (NYSE:IONQ) was the recipient of unusually large options trading activity on Thursday. Investors purchased 20,801 call options on the company. This represents an increase of approximately 11% compared to the average volume of 18,819 call options.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction on 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 of the company’s stock, valued at $6,954,953.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC grew 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 worth $46,000 after purchasing an additional 6,368 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of IonQ during the third quarter worth about $72,000. Redwood Wealth Management Group LLC purchased a new position in shares of IonQ during the second quarter worth about $67,000. Impact Partnership Wealth LLC purchased a new position in shares of IonQ during the third quarter worth about $89,000. Finally, Mosley Wealth Management bought a new stake in IonQ in the 2nd quarter worth approximately $81,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on IONQ shares. Benchmark dropped their price target 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 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. Craig Hallum lowered their target price on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $13.00 target price on shares of IonQ in a research note on Wednesday, October 2nd.

IonQ Stock Down 1.2 %

IONQ opened at $14.85 on Friday. IonQ has a twelve month low of $6.22 and a twelve month high of $18.20. The company has a 50-day simple moving average of $10.00 and a 200 day simple moving average of $8.62. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of -18.80 and a beta of 2.05.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share 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 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.16) EPS. Sell-side analysts anticipate that IonQ will post -0.84 EPS 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.