IonQ (NYSE:IONQ) Trading 3.9% Higher – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price rose 3.9% during mid-day trading on Friday . The company traded as high as $44.00 and last traded at $42.96. Approximately 8,993,624 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 42,269,492 shares. The stock had previously closed at $41.35.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on IONQ shares. Benchmark increased their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group increased their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. DA Davidson initiated coverage on shares of IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective for the company. Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Needham & Company LLC lifted their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

IonQ Price Performance

The stock’s 50 day moving average is $37.39 and its two-hundred day moving average is $19.81. The firm has a market capitalization of $8.84 billion, a P/E ratio of -50.44 and a beta of 2.43.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the previous year, the firm posted ($0.22) EPS. The business’s revenue was up 102.1% on a year-over-year basis. As a group, equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 21,337 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the transaction, the executive now directly owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,098 shares of company stock valued at $1,720,683. 11.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently modified their holdings of IONQ. City State Bank acquired a new stake in IonQ during the 4th quarter worth approximately $36,000. Versant Capital Management Inc increased its position in shares of IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after acquiring an additional 890 shares in the last quarter. Spire Wealth Management raised its holdings in shares of IonQ by 406.3% during the fourth quarter. Spire Wealth Management now owns 962 shares of the company’s stock worth $40,000 after acquiring an additional 772 shares during the period. Future Financial Wealth Managment LLC bought a new stake in IonQ in the 4th quarter valued at $42,000. Finally, Riggs Asset Managment Co. Inc. boosted its stake in IonQ by 2,325.0% in the 4th quarter. Riggs Asset Managment Co. Inc. now owns 970 shares of the company’s stock worth $43,000 after purchasing an additional 930 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Company Profile

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.