IonQ (NYSE:IONQ) Stock Price Up 9.5% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price shot up 9.5% during mid-day trading on Monday . The company traded as high as $37.17 and last traded at $35.9560. Approximately 28,176,098 shares changed hands during trading, an increase of 10% from the average session volume of 25,634,098 shares. The stock had previously closed at $32.84.

Wall Street Analyst Weigh In

Several brokerages have commented on IONQ. Jefferies Financial Group set a $85.00 price target on shares of IonQ in a research note on Thursday, May 7th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of IonQ in a report on Thursday, June 11th. Northland Securities raised their target price on IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $69.46.

IonQ Stock Up 9.5%

The company has a 50 day moving average of $52.54 and a two-hundred day moving average of $44.12. The firm has a market cap of $13.42 billion, a P/E ratio of -128.41 and a beta of 3.23.

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

Insider Activity at IonQ

In other IonQ news, insider John W. Raymond sold 3,815 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $209,863.15. Following the transaction, the insider owned 80,148 shares in the company, valued at approximately $4,408,941.48. This represents a 4.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn K. Chou sold 2,757 shares of IonQ stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.02, for a total transaction of $151,690.14. Following the sale, the director directly owned 62,608 shares of the company’s stock, valued at $3,444,692.16. This trade represents a 4.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,102 shares of company stock valued at $701,489 over the last ninety days. 0.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IONQ. Accent Capital Management LLC lifted its holdings in shares of IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after buying an additional 371 shares during the last quarter. Fortitude Family Office LLC lifted its stake in IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after acquiring an additional 608 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after acquiring an additional 656 shares during the last quarter. PeakShares LLC bought a new position in shares of IonQ during the 1st quarter valued at $29,000. Finally, Beaird Harris Wealth Management LLC lifted its stake in shares of IonQ by 117.4% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after purchasing an additional 270 shares during the last quarter. Hedge funds and other institutional investors 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. 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.