IonQ (NYSE:IONQ) Stock Price Up 14% – What’s Next?

IonQ, Inc. (NYSE:IONQ) shares were up 14% during trading on Wednesday . The stock traded as high as $26.52 and last traded at $26.22. Approximately 17,090,359 shares were traded during trading, an increase of 113% from the average daily volume of 8,018,491 shares. The stock had previously closed at $23.01.

Wall Street Analysts Forecast Growth

IONQ has been the subject of several recent analyst reports. The Goldman Sachs Group reduced their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Needham & Company LLC raised 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. Craig Hallum upped their target price on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Benchmark raised their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

IonQ Stock Down 2.1 %

The business has a 50 day moving average price of $12.17 and a 200-day moving average price of $9.35. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of -31.67 and a beta of 1.89.

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

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the sale, the executive now directly owns 648,783 shares of the company’s stock, valued at $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the stock. Verition Fund Management LLC bought a new stake in IonQ in the third quarter valued at about $479,000. Rockefeller Capital Management L.P. lifted its position in IonQ by 34.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after purchasing an additional 111,435 shares during the last quarter. FMR LLC increased its stake in shares of IonQ by 7.2% in the third quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares during the period. D.A. Davidson & CO. raised its holdings in shares of IonQ by 15.6% during the third quarter. D.A. Davidson & CO. now owns 94,568 shares of the company’s stock valued at $827,000 after buying an additional 12,788 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after buying an additional 135,851 shares during the period. Institutional investors own 41.42% of the company’s stock.

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.