IonQ (NYSE:IONQ) Stock Price Up 7.2% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) were up 7.2% on Thursday . The stock traded as high as $71.47 and last traded at $70.0970. Approximately 31,490,799 shares traded hands during mid-day trading, an increase of 19% from the average daily volume of 26,426,176 shares. The stock had previously closed at $65.40.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IONQ. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Thursday, February 26th. Northland Securities assumed coverage on shares of IonQ in a report on Monday, April 20th. They issued an “outperform” rating and a $55.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Jefferies Financial Group set a $85.00 price objective on shares of IonQ in a research note on Thursday, May 7th. Finally, Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Ten equities 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.63.

IonQ Stock Performance

The stock has a market capitalization of $26.17 billion, a PE ratio of -250.35 and a beta of 3.05. The business has a 50 day moving average of $42.23 and a two-hundred day moving average of $43.36.

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

Insider Buying and Selling

In related news, insider John W. Raymond sold 2,800 shares of the company’s 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 completion of the sale, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. This represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction 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 owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Clear Street Group Inc. purchased a new stake in IonQ in the third quarter valued at about $61,488,000. Western Wealth Management LLC raised its stake in IonQ by 222.8% in the third quarter. Western Wealth Management LLC now owns 23,762 shares of the company’s stock valued at $1,461,000 after buying an additional 16,400 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in IonQ by 56.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 47,545 shares of the company’s stock valued at $2,924,000 after buying an additional 17,215 shares during the last quarter. Swedbank AB purchased a new stake in IonQ in the fourth quarter valued at about $2,708,000. Finally, Jefferies Financial Group Inc. purchased a new stake in IonQ in the fourth quarter valued at about $3,271,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.