IonQ (NYSE:IONQ) Stock Price Up 10.4% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price rose 10.4% on Monday . The company traded as high as $64.90 and last traded at $62.6990. Approximately 28,364,307 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 26,716,070 shares. The stock had previously closed at $56.78.

Analysts Set New Price Targets

IONQ has been the subject of a number of research reports. Weiss Ratings upgraded IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. DA Davidson lowered their target price on IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, February 26th. Morgan Stanley set a $48.50 target price on IonQ in a research note on Thursday, May 7th. Cantor Fitzgerald restated an “overweight” rating on shares of IonQ in a research note on Monday, February 9th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of IonQ in a research note on Thursday, February 26th. 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 company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

IonQ Trading Up 10.4%

The stock has a market capitalization of $23.40 billion, a P/E ratio of -223.93 and a beta of 3.18. The company has a fifty day simple moving average of $47.17 and a two-hundred day simple moving average of $44.16.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share 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 the consensus estimate of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business’s revenue for the quarter was up 754.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.14) earnings per share. As a group, analysts forecast that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Insider Activity

In other IonQ news, insider John W. Raymond sold 2,800 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the transaction, the insider owned 83,963 shares in the company, valued at approximately $2,799,326.42. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the transaction, the insider owned 139,967 shares in the company, valued at approximately $6,984,353.30. This trade represents a 2.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in IonQ by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after buying an additional 5,420,037 shares during the last quarter. State Street Corp boosted its holdings in IonQ by 42.3% during the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after buying an additional 2,663,230 shares during the last quarter. Geode Capital Management LLC boosted its holdings in IonQ by 21.9% during the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock worth $361,624,000 after buying an additional 1,452,463 shares during the last quarter. Norges Bank bought a new position in IonQ during the fourth quarter worth about $199,753,000. Finally, Marex Group plc boosted its holdings in IonQ by 419.1% during the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after buying an additional 3,296,866 shares during the last quarter. 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.