IonQ (NYSE:IONQ) Trading 2.6% Higher – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) was up 2.6% on Thursday . The company traded as high as $59.47 and last traded at $58.1230. Approximately 24,961,631 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 26,749,063 shares. The stock had previously closed at $56.63.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on IONQ shares. Morgan Stanley set a $48.50 price target on IonQ in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Northland Securities assumed coverage on IonQ in a research note on Monday, April 20th. They set an “outperform” rating and a $55.00 target price for the company. Weiss Ratings upgraded IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Finally, Jefferies Financial Group set a $85.00 price target on shares of IonQ in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average price target of $68.63.

IonQ Trading Up 2.6%

The stock has a market cap of $21.70 billion, a price-to-earnings ratio of -207.58 and a beta of 3.18. The firm’s 50-day moving average is $49.02 and its two-hundred day moving average is $44.43.

IonQ (NYSE:IONQ) last posted its quarterly earnings data 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). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. The company’s quarterly revenue was up 754.7% on a year-over-year basis. On average, analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Activity

In other news, insider Robert T. Cardillo sold 3,773 shares of IonQ 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 of the company’s stock, valued at $6,984,353.30. The trade was 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 link. 5.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Ameriflex Group Inc. boosted its stake in IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after purchasing an additional 340 shares during the last quarter. Beaird Harris Wealth Management LLC raised its position in shares of IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after buying an additional 270 shares during the last quarter. Accent Capital Management LLC raised its position in shares of IonQ by 171.8% in the fourth 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. Kelleher Financial Advisors purchased a new position in shares of IonQ in the third quarter worth about $36,000. Finally, Fortitude Family Office LLC lifted its stake in shares of IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after buying an additional 608 shares in 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.