IonQ (NYSE:IONQ) Trading 21.6% Higher on Analyst Upgrade

Shares of IonQ, Inc. (NYSE:IONQ) shot up 21.6% on Thursday after Benchmark raised their price target on the stock from $12.00 to $22.00. Benchmark currently has a buy rating on the stock. IonQ traded as high as $20.20 and last traded at $20.00. 22,410,355 shares changed hands during trading, an increase of 208% from the average session volume of 7,268,965 shares. The stock had previously closed at $16.45.

Several other research analysts have also recently weighed in on IONQ. Craig Hallum lowered their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Needham & Company LLC raised their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, The Goldman Sachs Group dropped their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th.

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the transaction, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 66,000 shares of company stock worth $972,331 over the last three months. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several hedge funds have recently modified their holdings of IONQ. Quest Partners LLC increased its holdings in shares of 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 acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC bought a new stake in IonQ during the 2nd quarter valued at $67,000. nVerses Capital LLC acquired a new position in IonQ during the third quarter worth $72,000. Mosley Wealth Management bought a new position in shares of IonQ in the second quarter valued at $81,000. Finally, Xponance Inc. bought a new position in shares of IonQ in the second quarter valued at $88,000. Institutional investors own 41.42% of the company’s stock.

IonQ Stock Up 26.6 %

The company has a market capitalization of $4.46 billion, a P/E ratio of -25.32 and a beta of 1.89. The firm’s 50-day moving average price is $10.49 and its 200 day moving average price is $8.79.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The company had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same period in the previous year, the firm earned ($0.22) EPS. The firm’s quarterly revenue was up 102.1% on a year-over-year basis. As a group, equities research analysts expect that IonQ, Inc. will post -0.84 EPS for the current year.

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.