IonQ, Inc. (NYSE:IONQ) Short Interest Up 6.4% in October

IonQ, Inc. (NYSE:IONQ) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 42,140,000 shares, an increase of 6.4% from the September 30th total of 39,620,000 shares. Currently, 22.9% of the shares of the company are short sold. Based on an average daily volume of 8,080,000 shares, the days-to-cover ratio is presently 5.2 days.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the transaction, the executive now owns 648,783 shares in the company, valued at approximately $6,954,953.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 66,000 shares of company stock worth $972,331 in the last ninety days. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quest Partners LLC grew its position in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of IonQ during the 3rd quarter valued at $72,000. Redwood Wealth Management Group LLC acquired a new position in shares of IonQ in the second quarter worth $67,000. Impact Partnership Wealth LLC purchased a new stake in shares of IonQ during the third quarter worth $89,000. Finally, Mosley Wealth Management purchased a new stake in shares of IonQ during the second quarter worth $81,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of research analyst reports. Benchmark cut their target price on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Needham & Company LLC reissued a “buy” rating and set a $13.00 target price on shares of IonQ in a research note on Wednesday, October 2nd. Craig Hallum decreased their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group cut their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th.

IonQ Trading Down 10.8 %

IONQ stock traded down $1.83 during mid-day trading on Thursday, reaching $15.05. 22,443,145 shares of the stock traded hands, compared to its average volume of 7,040,066. IonQ has a 52-week low of $6.22 and a 52-week high of $18.20. The stock’s fifty day moving average is $9.85 and its 200-day moving average is $8.57. The company has a market cap of $3.22 billion, a P/E ratio of -19.04 and a beta of 2.05.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. The firm’s quarterly revenue was up 106.4% on a year-over-year basis. Equities research analysts expect that IonQ will post -0.84 earnings per share for the current year.

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.