IonQ (NYSE:IONQ) Sets New 1-Year High - Here's Why

Key Points

• IonQ's stock hit a new 52-week high at $76.27 during trading, reflecting a significant increase from its previous close of $73.28.
• A number of analysts have provided mixed ratings for IonQ, with seven recommending a Buy rating and one issuing a Sell rating, indicating a consensus target price of $58.33.
• The company reported a revenue increase of 81.6% year-over-year, despite posting a quarterly earnings loss of ($0.70) per share, which missed analysts' expectations.

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $76.27 and last traded at $76.09, with a volume of 12383869 shares changing hands. The stock had previously closed at $73.28.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Oppenheimer initiated coverage on shares of IonQ in a research note on Wednesday, July 30th. They issued an "outperform" rating for the company. Benchmark upped their target price on IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Sanford C. Bernstein initiated coverage on IonQ in a research note on Wednesday, July 30th. They set a "market perform" rating for the company. Rosenblatt Securities reiterated a "buy" rating and set a $70.00 price target on shares of IonQ in a research report on Monday, September 15th. Finally, DA Davidson downgraded IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective on the stock. in a research note on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $58.33.

IonQ Trading Up 7.8%

The stock has a market cap of $23.44 billion, a price-to-earnings ratio of -39.29 and a beta of 2.60. The company has a fifty day simple moving average of $49.39 and a 200-day simple moving average of $39.90.

IonQ (NYSE:IONQ - Get Free Report) last released its 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). The firm had revenue of $20.69 million during the quarter, compared to analysts' expectations of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The business's revenue was up 81.6% on a year-over-year basis. During the same period last year, the business earned ($0.18) earnings per share. As a group, analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 19,976 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $886,934.40. Following the completion of the sale, the executive directly owned 532,616 shares of the company's stock, valued at approximately $23,648,150.40. This represents a 3.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul T. Dacier sold 4,175 shares of IonQ stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $185,370.00. Following the transaction, the insider directly owned 114,454 shares in the company, valued at approximately $5,081,757.60. This trade represents a 3.52% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 229,047 shares of company stock valued at $10,293,891. 5.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IONQ. TD Waterhouse Canada Inc. boosted its stake in shares of IonQ by 28.4% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company's stock valued at $40,000 after buying an additional 223 shares during the period. GAMMA Investing LLC boosted its position in IonQ by 11.8% during the third quarter. GAMMA Investing LLC now owns 2,480 shares of the company's stock valued at $153,000 after purchasing an additional 261 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in IonQ by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after purchasing an additional 279 shares in the last quarter. Rothschild Investment LLC increased its position in IonQ by 12.2% in the 2nd quarter. Rothschild Investment LLC now owns 2,720 shares of the company's stock worth $117,000 after purchasing an additional 295 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in IonQ by 4.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,882 shares of the company's stock worth $296,000 after purchasing an additional 306 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other 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.

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