IonQ (NYSE:IONQ) Reaches New 12-Month High - Here's Why

Key Points

• IonQ shares reached a new 52-week high of $55.42, marking a significant increase from a previous close of $47.05.
• Despite posting a loss of ($0.70) earnings per share, IonQ's revenue increased 81.6% year-over-year to $20.69 million, exceeding estimates.
• Recent coverage by analysts has resulted in mixed ratings, with seven rating the stock as a Buy and five as a Hold, leading to an overall consensus price target of $46.78.

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares reached a new 52-week high during trading on Friday . The stock traded as high as $55.42 and last traded at $55.27, with a volume of 27360597 shares traded. The stock had previously closed at $47.05.

Wall Street Analyst Weigh In

Several research analysts recently commented on IONQ shares. Oppenheimer started coverage on IonQ in a research report on Wednesday, July 30th. They issued an "outperform" rating for the company. Benchmark lifted their price target on IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Wolfe Research started coverage on IonQ in a research report on Wednesday, July 30th. They issued a "peer perform" rating for the company. Sanford C. Bernstein started coverage on IonQ in a research report on Wednesday, July 30th. They issued a "market perform" rating for the company. Finally, Cantor Fitzgerald assumed coverage on IonQ in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price target for the company. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, IonQ has an average rating of "Moderate Buy" and a consensus price target of $46.78.

IonQ Stock Up 14.8%

The company's 50 day moving average price is $42.09 and its two-hundred day moving average price is $34.85. The stock has a market cap of $16.04 billion, a P/E ratio of -26.89 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The company had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. During the same period in the prior year, the firm posted ($0.18) EPS. The business's revenue was up 81.6% on a year-over-year basis. As a group, equities research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, CFO Thomas G. Kramer sold 64,578 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $41.82, for a total value of $2,700,651.96. Following the completion of the sale, the chief financial officer owned 473,302 shares in the company, valued at approximately $19,793,489.64. The trade was a 12.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Peter Hume Chapman sold 1,497,311 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $39.93, for a total transaction of $59,787,628.23. Following the completion of the transaction, the insider directly owned 390,329 shares of the company's stock, valued at $15,585,836.97. This trade represents a 79.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,507,247 shares of company stock worth $252,392,401. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

A number of large investors have recently bought and sold shares of IONQ. BNP Paribas Financial Markets bought a new position in IonQ in the fourth quarter worth approximately $1,545,000. Cetera Investment Advisers raised its stake in IonQ by 120.0% in the fourth quarter. Cetera Investment Advisers now owns 34,033 shares of the company's stock worth $1,422,000 after buying an additional 18,566 shares in the last quarter. Deutsche Bank AG raised its stake in IonQ by 79.4% in the fourth quarter. Deutsche Bank AG now owns 213,911 shares of the company's stock worth $8,935,000 after buying an additional 94,650 shares in the last quarter. Gotham Asset Management LLC bought a new position in IonQ in the fourth quarter worth approximately $474,000. Finally, Janus Henderson Group PLC raised its stake in IonQ by 21.1% in the fourth quarter. Janus Henderson Group PLC now owns 85,941 shares of the company's stock worth $3,588,000 after buying an additional 15,000 shares in the last quarter. Institutional investors own 41.42% of the company's stock.

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.

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