IonQ (NYSE:IONQ) Trading Up 5.8% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) were up 5.8% on Monday . The company traded as high as $63.56 and last traded at $61.2140. Approximately 25,144,330 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 26,721,451 shares. The stock had previously closed at $57.85.

Wall Street Analysts Forecast Growth

IONQ has been the topic of a number of analyst reports. Needham & Company LLC decreased their price objective on IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Benchmark decreased their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Finally, Jefferies Financial Group set a $85.00 price objective on IonQ in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $68.63.

IonQ Stock Up 5.8%

The firm has a market cap of $22.85 billion, a price-to-earnings ratio of -218.62 and a beta of 3.18. The business has a 50 day moving average of $50.21 and a 200 day moving average of $44.62.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The company had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. During the same period in the previous year, the business earned ($0.14) EPS. The firm’s revenue was up 754.7% on a year-over-year basis. Research analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Transactions at IonQ

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction dated 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 approximately $6,984,353.30. This trade represents a 2.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameriflex Group Inc. lifted its stake in shares of IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after purchasing an additional 340 shares in the last quarter. Beaird Harris Wealth Management LLC lifted its stake in shares of IonQ by 117.4% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after purchasing an additional 270 shares in the last quarter. Accent Capital Management LLC lifted its stake in shares of IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares in the last quarter. Kelleher Financial Advisors acquired a new position in shares of IonQ in the 3rd quarter valued at about $36,000. Finally, Fortitude Family Office LLC lifted its stake in shares of IonQ by 3,800.0% in the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after purchasing an additional 608 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

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.