IonQ (NYSE:IONQ) Trading Up 8.3%

IonQ, Inc. (NYSE:IONQ)’s stock price shot up 8.3% on Tuesday . The company traded as high as $7.29 and last traded at $7.28. 2,269,587 shares traded hands during trading, a decline of 61% from the average session volume of 5,760,487 shares. The stock had previously closed at $6.72.

Wall Street Analyst Weigh In

IONQ has been the subject of several research reports. The Goldman Sachs Group lowered their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday. Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of IonQ in a report on Thursday, May 16th. Craig Hallum decreased their target price on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Benchmark cut their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and a consensus price target of $13.00.

IonQ Stock Performance

The firm has a fifty day moving average of $7.58 and a 200 day moving average of $8.76. The firm has a market capitalization of $1.54 billion, a PE ratio of -8.70 and a beta of 2.06.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The business had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. IonQ had a negative net margin of 671.00% and a negative return on equity of 31.76%. The business’s revenue for the quarter was up 106.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.16) earnings per share. Research analysts forecast that IonQ, Inc. will post -0.89 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,807 shares of IonQ stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $77,377.23. Following the sale, the executive now directly owns 687,840 shares in the company, valued at approximately $5,427,057.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CRO Rima Alameddine sold 9,807 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $77,377.23. Following the completion of the sale, the executive now owns 687,840 shares of the company’s stock, valued at $5,427,057.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 4,610 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $36,372.90. Following the completion of the sale, the chief financial officer now directly owns 949,614 shares in the company, valued at $7,492,454.46. The disclosure for this sale can be found here. Insiders sold a total of 20,353 shares of company stock valued at $160,585 in the last ninety days. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of large investors have recently bought and sold shares of IONQ. Quest Partners LLC boosted its position in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares during the period. Redwood Wealth Management Group LLC bought a new stake in shares of IonQ during the second quarter valued at about $67,000. Mosley Wealth Management bought a new position in IonQ in the 2nd quarter valued at about $81,000. National Bank of Canada FI increased its stake in IonQ by 26.1% during the 4th quarter. National Bank of Canada FI now owns 8,000 shares of the company’s stock valued at $97,000 after buying an additional 1,655 shares during the period. Finally, DNB Asset Management AS acquired a new stake in shares of IonQ in the 2nd quarter worth approximately $117,000. 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.