IonQ (NYSE:IONQ) Stock Price Up 2.7% – What’s Next?

IonQ, Inc. (NYSE:IONQ) traded up 2.7% on Friday . The company traded as high as $72.17 and last traded at $72.0660. 28,119,180 shares were traded during mid-day trading, an increase of 6% from the average session volume of 26,444,396 shares. The stock had previously closed at $70.14.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. 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. Cantor Fitzgerald restated an “overweight” rating on shares of IonQ in a research note on Monday, February 9th. Weiss Ratings upgraded IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Wedbush restated an “outperform” rating and issued a $60.00 target price on shares of IonQ in a research note on Monday, May 4th. Finally, Jefferies Financial Group set a $85.00 target price on IonQ in a research note on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

IonQ Stock Performance

The stock has a market capitalization of $26.90 billion, a P/E ratio of -257.38 and a beta of 3.05. The firm has a 50-day moving average price of $42.97 and a 200 day moving average price of $43.43.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) EPS 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 net margin of 174.88% and a negative return on equity of 23.20%. IonQ’s revenue for the quarter was up 754.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.14) earnings per share. On average, equities analysts anticipate that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Insider Activity at IonQ

In related news, insider John W. Raymond sold 2,800 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the firm’s 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 transaction, the insider owned 139,967 shares in the company, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Asset Dedication LLC grew its position in IonQ by 1,556.8% during the 1st quarter. Asset Dedication LLC now owns 2,071 shares of the company’s stock worth $60,000 after acquiring an additional 1,946 shares during the last quarter. Cim Investment Management Inc. bought a new position in IonQ during the 1st quarter worth approximately $481,000. JTC Employer Solutions Trustee Ltd grew its position in IonQ by 62.8% during the 1st quarter. JTC Employer Solutions Trustee Ltd now owns 10,372 shares of the company’s stock worth $299,000 after acquiring an additional 4,000 shares during the last quarter. Encore Global Management LP bought a new position in IonQ during the 1st quarter worth approximately $577,000. Finally, EverSource Wealth Advisors LLC grew its position in IonQ by 216.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after acquiring an additional 656 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors.

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.