IonQ (NYSE:IONQ) Stock Price Up 7.9% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) traded up 7.9% during trading on Tuesday . The company traded as high as $49.90 and last traded at $49.7290. 16,438,111 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 24,214,727 shares. The stock had previously closed at $46.07.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on IONQ. Rosenblatt Securities boosted their price target on IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. B. Riley increased their price objective on shares of IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of IonQ in a report on Thursday, November 6th. Wedbush initiated coverage on shares of IonQ in a research note on Wednesday. They issued an “outperform” rating and a $60.00 price objective on the stock. Finally, DA Davidson lifted their price target on IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Ten analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.00.

IonQ Stock Up 1.2%

The business’s 50-day simple moving average is $54.68 and its 200 day simple moving average is $49.85. The firm has a market capitalization of $16.12 billion, a P/E ratio of -8.67 and a beta of 2.62.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The company had revenue of $39.87 million for the quarter, compared to analysts’ expectations of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The company’s revenue was up 221.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.24) earnings per share. Sell-side analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, Director Kathryn K. Chou sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $51.40, for a total value of $1,028,000.00. Following the sale, the director directly owned 60,839 shares of the company’s stock, valued at $3,127,124.60. The trade was a 24.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William J. Teuber, Jr. bought 2,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was purchased at an average price of $54.81 per share, for a total transaction of $109,620.00. Following the purchase, the director owned 6,413 shares of the company’s stock, valued at approximately $351,496.53. This represents a 45.32% increase in their position. The SEC filing for this purchase provides additional information. 5.20% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Archer Investment Corp lifted its holdings in IonQ by 119.3% during the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after purchasing an additional 322 shares in the last quarter. Stone House Investment Management LLC grew its stake in shares of IonQ by 700.0% in the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after buying an additional 350 shares in the last quarter. Ameriflex Group Inc. increased its position in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after acquiring an additional 340 shares during the last quarter. Hilltop National Bank grew its holdings in IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after purchasing an additional 225 shares during the last quarter. Finally, Financial Consulate Inc. purchased a new position in IonQ during the 3rd quarter valued at $29,000. 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.