IonQ (NYSE:IONQ) Trading 4.6% Higher – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price traded up 4.6% during mid-day trading on Friday . The stock traded as high as $32.07 and last traded at $31.38. 8,588,795 shares were traded during mid-day trading, a decline of 13% from the average session volume of 9,856,127 shares. The stock had previously closed at $29.99.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Craig Hallum upped their price objective on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC upped their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Trading Up 10.3 %

The stock has a market capitalization of $7.16 billion, a price-to-earnings ratio of -38.74 and a beta of 2.49. The firm has a 50-day moving average of $22.12 and a 200 day moving average of $12.67.

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

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. The trade was a 3.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 66,000 shares of company stock worth $972,331 in the last three months. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Hedge funds have recently modified their holdings of the stock. Quest Partners LLC grew its holdings in shares of IonQ by 4,824.2% in 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 last quarter. Redwood Wealth Management Group LLC purchased a new position in IonQ in the second quarter valued at about $67,000. nVerses Capital LLC purchased a new position in IonQ in the third quarter valued at about $72,000. Mosley Wealth Management purchased a new position in IonQ in the second quarter valued at about $81,000. Finally, Xponance Inc. purchased a new position in IonQ in the second quarter valued at about $88,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.