IonQ (NYSE:IONQ) Sees Large Volume Increase – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) saw unusually-strong trading volume on Tuesday . Approximately 5,316,617 shares traded hands during mid-day trading, a decline of 15% from the previous session’s volume of 6,285,681 shares.The stock last traded at $14.33 and had previously closed at $14.76.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on IONQ shares. Craig Hallum reduced their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group reduced 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. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price objective on shares of IonQ in a report on Wednesday, October 2nd. Finally, Benchmark reduced their price objective on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

IonQ Stock Performance

The stock has a fifty day moving average of $8.45 and a 200 day moving average of $8.13. The company has a market capitalization of $3.18 billion, a PE ratio of -17.73 and a beta of 2.05.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The company had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. During the same period in the previous year, the firm earned ($0.16) EPS. The firm’s revenue was up 106.4% compared to the same quarter last year. As a group, equities analysts predict that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the transaction, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 31,125 shares of company stock valued at $377,660 in the last ninety days. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Hedge funds have recently bought and sold shares of the business. Quest Partners LLC grew its position 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 last quarter. nVerses Capital LLC purchased a new stake in shares of IonQ during the 3rd quarter worth $72,000. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ during the 2nd quarter worth $67,000. Mosley Wealth Management purchased a new stake in shares of IonQ during the 2nd quarter worth $81,000. Finally, QCM Cayman Ltd. purchased a new stake in shares of IonQ during the 1st quarter worth $120,000. Institutional investors 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.