IonQ (NYSE:IONQ) Shares Up 5.7% – Here’s Why

IonQ, Inc. (NYSE:IONQ) traded up 5.7% during trading on Monday . The stock traded as high as $35.81 and last traded at $35.75. 9,472,959 shares were traded during mid-day trading, a decline of 5% from the average session volume of 9,919,846 shares. The stock had previously closed at $33.83.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on IONQ shares. Benchmark raised their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Craig Hallum increased their target price on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC lifted 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, November 7th.

IonQ Stock Performance

The stock’s fifty day simple moving average is $22.61 and its 200-day simple moving average is $12.91. The stock has a market cap of $9.05 billion, a P/E ratio of -44.80 and a beta of 2.49.

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

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the sale, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the company’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 completion of the sale, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,223 shares of company stock valued at $2,286,983 over the last three months. 11.60% of the stock is owned by insiders.

Institutional Trading of IonQ

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Carnegie Investment Counsel bought a new position in shares of IonQ during the 3rd quarter worth approximately $5,036,000. Yong Rong HK Asset Management Ltd bought a new position in shares of IonQ during the 3rd quarter worth about $3,749,000. Main Management ETF Advisors LLC bought a new stake in IonQ in the 3rd quarter valued at about $1,865,000. Geode Capital Management LLC raised its stake in IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after buying an additional 199,360 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in IonQ in the third quarter valued at approximately $1,631,000. Institutional investors and hedge funds 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.