IonQ (NYSE:IONQ) Sees Strong Trading Volume – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) saw strong trading volume on Thursday . 8,819,803 shares were traded during trading, an increase of 1% from the previous session’s volume of 8,761,971 shares.The stock last traded at $31.56 and had previously closed at $28.86.

Analyst Ratings Changes

A number of research firms recently weighed in on IONQ. Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Craig Hallum raised 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. Benchmark raised 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. Finally, The Goldman Sachs Group cut their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th.

IonQ Stock Up 10.8 %

The stock has a market capitalization of $6.92 billion, a PE ratio of -36.30 and a beta of 1.89. The stock’s 50 day moving average price is $14.22 and its 200-day moving average price is $10.00.

IonQ (NYSE:IONQ) last released its quarterly earnings data 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 during 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%. The business’s revenue was up 102.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.22) earnings per share. As a group, sell-side analysts predict 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 9,875 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the sale, the executive now owns 638,908 shares in the company, valued at $7,488,001.76. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 66,000 shares of company stock worth $972,331. Insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Quest Partners LLC grew its stake in IonQ by 4,824.2% in the 2nd 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 during the period. Redwood Wealth Management Group LLC acquired a new stake in IonQ in the 2nd quarter valued at $67,000. nVerses Capital LLC acquired a new stake in IonQ in the 3rd quarter valued at $72,000. Mosley Wealth Management acquired a new stake in IonQ in the 2nd quarter valued at $81,000. Finally, Xponance Inc. acquired a new stake in IonQ in the 2nd quarter valued at $88,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.