IonQ (NYSE:IONQ) Trading 3% Higher – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares were up 3% during trading on Wednesday . The stock traded as high as $66.81 and last traded at $65.5590. Approximately 29,417,348 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 26,373,021 shares. The stock had previously closed at $63.62.

Analyst Ratings Changes

IONQ has been the subject of several research analyst reports. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a research report on Monday, May 4th. Needham & Company LLC decreased their target price on IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. DA Davidson dropped their target price on IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, February 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Finally, Jefferies Financial Group set a $85.00 price target on shares of IonQ in a research report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.63.

IonQ Price Performance

The business’s 50-day moving average is $42.97 and its 200 day moving average is $43.43. The firm has a market capitalization of $26.90 billion, a P/E ratio of -254.35 and a beta of 3.05.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. During the same period last year, the firm posted ($0.14) EPS. IonQ’s quarterly revenue was up 754.7% on a year-over-year basis. Analysts anticipate that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

Insider Activity at IonQ

In related news, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the sale, the insider directly owned 139,967 shares in the company, valued at $6,984,353.30. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the sale, the insider owned 83,963 shares of the company’s stock, valued at approximately $2,799,326.42. This trade represents a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently made changes to their positions in the stock. Asset Dedication LLC raised its stake in IonQ by 1,556.8% during the 1st quarter. Asset Dedication LLC now owns 2,071 shares of the company’s stock worth $60,000 after buying an additional 1,946 shares during the period. Cim Investment Management Inc. bought a new position in shares of IonQ during the first quarter valued at about $481,000. JTC Employer Solutions Trustee Ltd boosted its stake in shares of IonQ by 62.8% in the 1st quarter. JTC Employer Solutions Trustee Ltd now owns 10,372 shares of the company’s stock worth $299,000 after buying an additional 4,000 shares during the last quarter. Encore Global Management LP purchased a new position in IonQ in the first quarter worth $577,000. Finally, EverSource Wealth Advisors LLC increased its holdings in IonQ by 216.5% during the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after buying an additional 656 shares during the last quarter. 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.