IonQ (NYSE:IONQ) Trading Up 3.3% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) shot up 3.3% on Thursday . The company traded as high as $56.66 and last traded at $56.48. 20,178,305 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 26,562,592 shares. The stock had previously closed at $54.69.

Analyst Ratings Changes

A number of equities analysts have commented on IONQ shares. DA Davidson dropped their price objective on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, February 26th. Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. JPMorgan Chase & Co. boosted their price objective on IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Thursday, June 11th. Finally, Northland Securities began coverage on IonQ in a report on Monday, April 20th. They set an “outperform” rating and a $55.00 price target on the stock. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $68.62.

IonQ Trading Up 3.3%

The company has a market capitalization of $21.08 billion, a PE ratio of -201.71 and a beta of 3.18. The stock’s 50-day moving average is $51.90 and its two-hundred day moving average is $44.84.

IonQ (NYSE:IONQ) last announced its earnings results 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). IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The business had revenue of $64.67 million for the quarter, compared to analysts’ expectations of $49.75 million. During the same quarter last year, the firm earned ($0.14) EPS. The firm’s quarterly revenue was up 754.7% on a year-over-year basis. On average, equities research analysts forecast that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

Insider Buying and Selling

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the transaction, the insider owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This represents a 2.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.55% of the stock is owned by company insiders.

Institutional Trading of IonQ

A number of large investors have recently made changes to their positions in the stock. Ameriflex Group Inc. increased its stake in IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares during the period. Accent Capital Management LLC boosted its position in IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after buying an additional 371 shares during the period. Fortitude Family Office LLC boosted its position in IonQ by 3,800.0% in the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after buying an additional 608 shares during the period. EverSource Wealth Advisors LLC grew its stake in IonQ by 216.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after acquiring an additional 656 shares in the last quarter. Finally, PeakShares LLC bought a new position in IonQ in the 1st quarter worth about $29,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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. 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.