IonQ, Inc. (NYSE:IONQ – Get Free Report) shot up 4.2% on Friday . The stock traded as high as $10.33 and last traded at $10.22. 3,428,123 shares changed hands during trading, a decline of 42% from the average session volume of 5,903,800 shares. The stock had previously closed at $9.81.
Analysts Set New Price Targets
A number of analysts have weighed in on the company. Craig Hallum reduced their price target on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Benchmark decreased their target price on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. The Goldman Sachs Group lowered their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $13.00 price objective on shares of IonQ in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, IonQ currently has an average rating of “Moderate Buy” and a consensus target price of $12.00.
Read Our Latest Stock Analysis on IonQ
IonQ Trading Up 8.7 %
IonQ (NYSE:IONQ – Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business had revenue of $11.38 million during the quarter, compared to analysts’ expectations of $8.66 million. During the same quarter last year, the company earned ($0.16) earnings per share. The firm’s revenue was up 106.4% on a year-over-year basis. On average, equities research analysts anticipate that IonQ, Inc. will post -0.84 earnings per share for the current year.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of IONQ. Quest Partners LLC increased its holdings 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 buying an additional 6,368 shares during the period. Redwood Wealth Management Group LLC acquired a new stake in shares of IonQ during the 2nd quarter valued at about $67,000. Mosley Wealth Management bought a new stake in IonQ in the second quarter valued at about $81,000. QCM Cayman Ltd. acquired a new position in IonQ in the first quarter worth about $120,000. Finally, Xponance Inc. bought a new position in IonQ during the second quarter worth 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.
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