IonQ (NYSE:IONQ) Stock Price Up 0.2% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares rose 0.2% on Tuesday . The company traded as high as $33.29 and last traded at $32.12. Approximately 9,998,418 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 9,375,728 shares. The stock had previously closed at $32.06.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group decreased 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. Benchmark increased 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. Needham & Company LLC boosted their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum boosted their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Price Performance

The company’s 50-day moving average is $17.66 and its two-hundred day moving average is $11.16. The company has a market cap of $6.97 billion, a P/E ratio of -39.65 and a beta of 2.47.

IonQ (NYSE:IONQ) last issued its quarterly 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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. During the same quarter in the previous year, the company earned ($0.22) EPS. The business’s quarterly revenue was up 102.1% compared to the same quarter last year. Equities research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction that occurred 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 completion of the sale, the executive now owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. This trade represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 66,000 shares of company stock valued at $972,331 in the last quarter. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Several large investors have recently added to or reduced their stakes in the business. Arete Wealth Advisors LLC acquired a new position in IonQ in the third quarter valued at $91,000. Geode Capital Management LLC lifted its position in shares of IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after acquiring an additional 199,360 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in IonQ in the 3rd quarter worth approximately $1,631,000. Main Management ETF Advisors LLC acquired a new stake in shares of IonQ in the third quarter worth approximately $1,865,000. Finally, Zacks Investment Management grew its position in IonQ by 10.0% during the third quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock valued at $1,352,000 after acquiring an additional 14,072 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.