IonQ (NYSE:IONQ) Shares Gap Up - Here's Why

Key Points

• IonQ shares gapped up from a previous close of $55.45 to open at $61.10, with a last traded price of $60.81 on notable trading volume of 16,875,786 shares.
• Multiple analysts have recently adjusted their ratings, including a downgrade by DA Davidson to "neutral" with a price target of $35.00, while B. Riley increased their target from $75.00 to $100.00, maintaining a "buy" rating.
• The company's latest earnings report showed a revenue increase of 81.6% year-over-year, although it reported a loss of ($0.70) EPS, missing expectations by ($0.57).

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $55.45, but opened at $61.10. IonQ shares last traded at $60.81, with a volume of 16,875,786 shares.

Analyst Upgrades and Downgrades

IONQ has been the subject of several recent research reports. DA Davidson lowered IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective for the company. in a report on Thursday, August 7th. Zacks Research downgraded IonQ from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. B. Riley raised their target price on IonQ from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Benchmark raised their target price on IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. Finally, Sanford C. Bernstein initiated coverage on IonQ in a research note on Wednesday, July 30th. They issued a "market perform" rating for the company. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, IonQ currently has a consensus rating of "Hold" and an average target price of $58.33.

IonQ Price Performance

The company has a market cap of $18.61 billion, a PE ratio of -31.13 and a beta of 2.60. The company has a fifty day moving average price of $57.05 and a 200 day moving average price of $43.89.

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

Insider Activity at IonQ

In related news, CFO Thomas G. Kramer sold 64,578 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was 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 $19,793,489.64. The trade was a 12.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul T. Dacier sold 4,175 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $185,370.00. Following the completion of the sale, the insider owned 114,454 shares of the company's stock, valued at $5,081,757.60. The trade was a 3.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 131,398 shares of company stock valued at $5,665,690 in the last ninety days. Insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

A number of hedge funds have recently bought and sold shares of IONQ. Archer Investment Corp lifted its position in IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company's stock worth $25,000 after buying an additional 322 shares during the last quarter. Hilltop National Bank lifted its position in IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company's stock worth $26,000 after buying an additional 225 shares during the last quarter. Financial Consulate Inc. bought a new stake in IonQ in the 3rd quarter worth approximately $29,000. Farther Finance Advisors LLC lifted its position in IonQ by 780.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after buying an additional 1,295 shares during the last quarter. Finally, Close Asset Management Ltd bought a new stake in IonQ in the 1st quarter worth approximately $35,000. 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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