IonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $37.50, but opened at $40.71. IonQ shares last traded at $41.25, with a volume of 6,194,135 shares trading hands.
Analysts Set New Price Targets
Several research firms have recently issued reports on IONQ. Craig Hallum lifted their target price on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC increased their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, DA Davidson started coverage on shares of IonQ in a research note on Thursday. They issued a “buy” rating and a $50.00 target price for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $24.00.
View Our Latest Report on IonQ
IonQ Stock Performance
IonQ (NYSE:IONQ – Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The business had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.22) earnings per share. On average, equities analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.
Insider Activity at IonQ
In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the sale, the executive now owns 648,783 shares of the company’s stock, valued at $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,223 shares of company stock worth $2,286,983 in the last ninety days. 11.60% of the stock is owned by company insiders.
Institutional Trading of IonQ
Several hedge funds have recently modified their holdings of IONQ. Arete Wealth Advisors LLC bought a new position in IonQ in the third quarter worth about $91,000. Geode Capital Management LLC raised its stake in shares of IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after acquiring an additional 199,360 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of IonQ in the third quarter valued at approximately $1,631,000. Main Management ETF Advisors LLC purchased a new position in shares of IonQ in the 3rd quarter valued at about $1,865,000. Finally, Zacks Investment Management raised its stake in IonQ by 10.0% in the third quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock valued at $1,352,000 after buying an additional 14,072 shares in the last quarter. 41.42% of the stock is 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.
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