IonQ (NYSE:IONQ) Stock Price Up 2.7% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) rose 2.7% on Friday . The stock traded as high as $72.17 and last traded at $72.0660. Approximately 28,119,180 shares were traded during mid-day trading, an increase of 6% from the average daily volume of 26,444,396 shares. The stock had previously closed at $70.14.

Wall Street Analyst Weigh In

IONQ has been the topic of several research analyst reports. Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Cantor Fitzgerald reissued an “overweight” rating on shares of IonQ in a research report on Monday, February 9th. Jefferies Financial Group set a $85.00 price target on IonQ in a research report on Thursday, May 7th. Morgan Stanley set a $48.50 price target on IonQ in a research report on Thursday, May 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of IonQ in a research report on Thursday, February 26th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, IonQ currently has an average rating of “Moderate Buy” and a consensus price target of $68.63.

IonQ Trading Up 2.7%

The business has a 50-day moving average price of $42.97 and a 200 day moving average price of $43.43. The stock has a market cap of $26.90 billion, a PE ratio of -257.38 and a beta of 3.05.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The firm had revenue of $64.67 million for the quarter, compared to analysts’ expectations of $49.75 million. During the same period in the prior year, the company earned ($0.14) EPS. The firm’s quarterly revenue was up 754.7% on a year-over-year basis. On average, equities analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Robert T. Cardillo sold 3,773 shares of the 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 sale, the insider owned 139,967 shares of the company’s stock, valued at approximately $6,984,353.30. This represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the sale, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. This trade represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Institutional investors have recently added to or reduced their stakes in the stock. Ameriflex Group Inc. lifted its holdings in IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after purchasing an additional 340 shares in the last quarter. UMB Bank n.a. purchased a new stake in IonQ during the 3rd quarter worth about $31,000. Beaird Harris Wealth Management LLC lifted its holdings in IonQ by 117.4% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after purchasing an additional 270 shares in the last quarter. Accent Capital Management LLC lifted its holdings in IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after purchasing an additional 371 shares in the last quarter. Finally, Kelleher Financial Advisors purchased a new stake in IonQ during the 3rd quarter worth about $36,000. Hedge funds and other 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.