IonQ (NYSE:IONQ) Sees Strong Trading Volume on Analyst Upgrade

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares saw unusually-high trading volume on Wednesday after Benchmark raised their price target on the stock from $40.00 to $50.00. Benchmark currently has a buy rating on the stock. Approximately 26,058,931 shares were traded during trading, an increase of 42% from the previous session's volume of 18,368,626 shares.The stock last traded at $40.84 and had previously closed at $39.74.

Other equities analysts have also recently issued research reports about the stock. DA Davidson lowered their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Morgan Stanley boosted their price objective on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Finally, Needham & Company LLC cut their price target on IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, IonQ currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.00.

Insider Buying and Selling

In related news, CEO Masi Niccolo De sold 9,280 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $42.23, for a total value of $391,894.40. Following the completion of the transaction, the chief executive officer now owns 711,987 shares in the company, valued at $30,067,211.01. This trade represents a 1.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.20% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its holdings in shares of IonQ by 6.6% during the first quarter. Rhumbline Advisers now owns 323,930 shares of the company's stock worth $7,149,000 after buying an additional 20,127 shares in the last quarter. Strs Ohio bought a new position in shares of IonQ in the 1st quarter worth about $1,017,000. Intech Investment Management LLC boosted its holdings in shares of IonQ by 26.4% during the first quarter. Intech Investment Management LLC now owns 124,920 shares of the company's stock valued at $2,757,000 after acquiring an additional 26,085 shares during the period. Focus Partners Wealth increased its position in IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock valued at $1,032,000 after acquiring an additional 10,881 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in IonQ by 24.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company's stock worth $9,932,000 after purchasing an additional 87,428 shares during the period. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Trading Down 0.8%

The firm has a market capitalization of $8.56 billion, a P/E ratio of -47.42 and a beta of 2.59. The business's fifty day moving average is $32.86 and its 200 day moving average is $33.32.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business's revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.19) EPS. As a group, sell-side analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

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.