IonQ (NYSE:IONQ) Stock Price Up 3.2% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) were up 3.2% on Monday . The stock traded as high as $51.44 and last traded at $49.29. Approximately 11,482,997 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 20,264,691 shares. The stock had previously closed at $47.77.

Wall Street Analyst Weigh In

Several equities analysts have commented on IONQ shares. Craig Hallum raised their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. DA Davidson started coverage on shares of IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, Benchmark lifted their target price on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and an average price target of $28.60.

IonQ Trading Up 5.5 %

The firm has a market capitalization of $10.90 billion, a P/E ratio of -62.20 and a beta of 2.43. The business’s 50 day simple moving average is $31.87 and its two-hundred day simple moving average is $16.65.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. IonQ’s revenue was up 102.1% on a year-over-year basis. During the same period last year, the business earned ($0.22) EPS. Analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In related news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,223 shares of company stock valued at $2,286,983 over the last ninety days. 11.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Everence Capital Management Inc. bought a new position in shares of IonQ in the 4th quarter worth approximately $216,000. GAMMA Investing LLC raised its position in IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after acquiring an additional 480 shares during the period. Versant Capital Management Inc boosted its stake in shares of IonQ by 1,348.5% during the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after acquiring an additional 890 shares during the last quarter. Arete Wealth Advisors LLC bought a new stake in shares of IonQ during the 3rd quarter valued at $91,000. Finally, Geode Capital Management LLC increased its stake in shares of IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.