IonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price traded up 3% during trading on Wednesday . The stock traded as high as $66.81 and last traded at $65.5590. 29,417,348 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 26,373,021 shares. The stock had previously closed at $63.62.
Key IonQ News
Here are the key news stories impacting IonQ this week:
- Positive Sentiment: The U.S. Department of Commerce announced $2.013 billion in CHIPS and Science Act grants to nine quantum computing companies, boosting confidence that IonQ could be a beneficiary of expanded federal support for the sector. Article: QTUM ETF Crosses $5 Billion Even As IBM, Rigetti, IonQ, D-Wave Cool Off
- Positive Sentiment: Investors are speculating that IonQ could be among the future winners of the U.S. government’s push to accelerate quantum technology development, which has helped drive renewed buying interest in IonQ, Inc. (IONQ). Article: What Is Going On With IonQ Stock On Tuesday?
- Positive Sentiment: Analysts and traders are also pointing to the possibility of a short squeeze, which could add further upside if bearish bets are forced to cover. Article: Federal backing triggered a rally in IonQ stock. A short squeeze could take it even higher.
- Neutral Sentiment: Some articles suggest the recent surge may be part of a broader quantum stock rotation rather than a change in IonQ’s fundamentals, with investors chasing the whole theme after the federal funding news. Article: IonQ: Why Quantum Hype Returned
- Neutral Sentiment: Coverage also notes that some quantum names may have “cooled off” after the initial burst, suggesting the rally could become choppy as investors separate likely winners from the rest of the group. Article: QTUM ETF Crosses $5 Billion Even As IBM, Rigetti, IonQ, D-Wave Cool Off
- Negative Sentiment: One analysis warned that IonQ’s quantum narrative could get “messier” after SkyWater-related developments, implying more execution and competitive risks for the stock if enthusiasm fades. Article: IonQ: Quantum Story May Get Messier After SkyWater
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on the company. Northland Securities initiated coverage on IonQ in a research note on Monday, April 20th. They issued an “outperform” rating and a $55.00 price objective for the company. Needham & Company LLC cut their price target on IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of IonQ in a research note on Thursday, February 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of IonQ in a research note on Monday, February 9th. Finally, DA Davidson cut their price target on IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, February 26th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and an average target price of $68.63.
IonQ Stock Performance
The firm’s fifty day simple moving average is $41.59 and its 200 day simple moving average is $43.30. The firm has a market cap of $24.47 billion, a P/E ratio of -234.14 and a beta of 3.05.
IonQ (NYSE:IONQ – Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The firm had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm’s revenue for the quarter was up 754.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.14) EPS. On average, equities research analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.
Insiders Place Their Bets
In other IonQ news, insider John W. Raymond sold 2,800 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the sale, the insider owned 83,963 shares of the company’s stock, valued at $2,799,326.42. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the sale, the insider directly owned 139,967 shares of the company’s stock, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,738 shares of company stock valued at $485,332 over the last 90 days. Insiders own 5.20% of the company’s stock.
Institutional Trading of IonQ
Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in IonQ by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after purchasing an additional 5,420,037 shares during the last quarter. State Street Corp increased its position in shares of IonQ by 42.3% during the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after acquiring an additional 2,663,230 shares during the period. Geode Capital Management LLC increased its position in shares of IonQ by 21.9% during the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock worth $361,624,000 after acquiring an additional 1,452,463 shares during the period. Norges Bank purchased a new position in shares of IonQ during the fourth quarter worth approximately $199,753,000. Finally, Marex Group plc increased its position in shares of IonQ by 419.1% during the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after acquiring an additional 3,296,866 shares during the period. Institutional investors own 41.42% of the company’s stock.
About IonQ
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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.
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