IonQ (NYSE:IONQ) Stock Price Up 1.3% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price was up 1.3% during mid-day trading on Thursday . The stock traded as high as $52.51 and last traded at $50.4270. Approximately 16,508,348 shares changed hands during mid-day trading, a decline of 3% from the average daily volume of 17,032,955 shares. The stock had previously closed at $49.78.

Analyst Upgrades and Downgrades

IONQ has been the subject of several recent research reports. Mizuho started coverage on shares of IonQ in a research report on Thursday, December 11th. They issued an “outperform” rating and a $90.00 price target for the company. JPMorgan Chase & Co. began coverage on shares of IonQ in a research note on Thursday, November 20th. They issued a “neutral” rating and a $47.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. Rosenblatt Securities lifted their target price on IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Finally, Jefferies Financial Group initiated coverage on IonQ in a research note on Tuesday, December 16th. They issued a “buy” rating and a $100.00 price target for the company. Nine research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $72.08.

IonQ Stock Up 1.3%

The firm’s 50 day simple moving average is $50.02 and its two-hundred day simple moving average is $50.82. The stock has a market capitalization of $17.52 billion, a P/E ratio of -9.43 and a beta of 2.63.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The firm had revenue of $39.87 million during the quarter, compared to the consensus estimate of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The business’s quarterly revenue was up 221.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.24) earnings per share. As a group, equities research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity

In other IonQ news, Director William J. Teuber, Jr. bought 2,000 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The stock was bought at an average cost of $54.81 per share, with a total value of $109,620.00. Following the completion of the transaction, the director directly owned 6,413 shares in the company, valued at approximately $351,496.53. The trade was a 45.32% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total value of $4,689,000.00. Following the sale, the executive directly owned 432,616 shares of the company’s stock, valued at $20,285,364.24. This represents a 18.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 125,000 shares of company stock worth $5,992,000 over the last three months. 5.20% of the stock is currently owned by insiders.

Institutional Trading of IonQ

A number of hedge funds have recently bought and sold shares of IONQ. Amazon Com Inc. bought a new stake in shares of IonQ during the 2nd quarter worth $36,705,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in IonQ in the 3rd quarter valued at approximately $806,000. Y Intercept Hong Kong Ltd bought a new stake in shares of IonQ during the 2nd quarter valued at $6,104,000. Norges Bank purchased a new stake in shares of IonQ in the second quarter worth about $114,767,000. Finally, Union Bancaire Privee UBP SA lifted its stake in IonQ by 8,150.0% in the 2nd quarter. Union Bancaire Privee UBP SA now owns 82,500 shares of the company’s stock worth $3,545,000 after purchasing an additional 81,500 shares in the last quarter. 41.42% of the stock is currently owned by 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.