IonQ (NYSE:IONQ) Shares Up 2.2% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price traded up 2.2% on Monday . The stock traded as high as $35.24 and last traded at $32.49. 17,157,355 shares traded hands during trading, an increase of 90% from the average session volume of 9,049,931 shares. The stock had previously closed at $31.80.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Craig Hallum lifted their price objective on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark lifted 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, November 7th. Finally, The Goldman Sachs Group lowered their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th.

IonQ Stock Up 5.0 %

The firm’s 50-day moving average price is $16.12 and its 200-day moving average price is $10.64. The company has a market cap of $6.96 billion, a P/E ratio of -37.64 and a beta of 1.89.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period last year, the firm earned ($0.22) EPS. The business’s revenue for the quarter was up 102.1% on a year-over-year basis. As a group, analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 22,875 shares of the company’s 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 sale, the executive now owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. This represents a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 66,000 shares of company stock valued at $972,331. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC grew its stake in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after buying an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ in the 2nd quarter valued at $67,000. nVerses Capital LLC purchased a new stake in shares of IonQ in the 3rd quarter valued at $72,000. Mosley Wealth Management bought a new stake in IonQ in the 2nd quarter worth $81,000. Finally, Xponance Inc. bought a new stake in IonQ in the 2nd quarter worth $88,000. Institutional investors own 41.42% of the company’s stock.

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.