IonQ (NYSE:IONQ) Shares Gap Up Following Analyst Upgrade

IonQ, Inc. (NYSE:IONQ - Get Free Report) gapped up before the market opened on Monday after Benchmark raised their price target on the stock from $50.00 to $55.00. The stock had previously closed at $44.39, but opened at $46.38. Benchmark currently has a buy rating on the stock. IonQ shares last traded at $43.14, with a volume of 11,300,953 shares changing hands.

Other research analysts also recently issued reports about the company. Morgan Stanley boosted their target price on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. DA Davidson reduced their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Cantor Fitzgerald assumed coverage on IonQ in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 target price on the stock. Finally, Needham & Company LLC reissued a "buy" rating and issued a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $41.43.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 65,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $38.57, for a total transaction of $2,507,050.00. Following the transaction, the executive owned 552,592 shares of the company's stock, valued at approximately $21,313,473.44. This represents a 10.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 216,000 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $38.11, for a total value of $8,231,760.00. Following the transaction, the chief financial officer directly owned 718,516 shares in the company, valued at approximately $27,382,644.76. This represents a 23.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,094,201 shares of company stock worth $355,891,729. 5.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after acquiring an additional 2,293,231 shares during the last quarter. Sei Investments Co. bought a new stake in shares of IonQ during the 4th quarter valued at $1,255,000. Cetera Investment Advisers raised its position in shares of IonQ by 120.0% during the 4th quarter. Cetera Investment Advisers now owns 34,033 shares of the company's stock valued at $1,422,000 after acquiring an additional 18,566 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of IonQ by 43.4% during the 4th quarter. Wells Fargo & Company MN now owns 255,061 shares of the company's stock valued at $10,654,000 after acquiring an additional 77,151 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of IonQ by 219.5% during the 4th quarter. US Bancorp DE now owns 5,112 shares of the company's stock valued at $214,000 after acquiring an additional 3,512 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Stock Performance

The firm's 50-day simple moving average is $38.76 and its 200 day simple moving average is $34.13. The company has a market cap of $12.03 billion, a P/E ratio of -30.87 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.14. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The company had revenue of $7.57 million during the quarter, compared to analysts' expectations of $7.51 million. During the same quarter in the previous year, the company posted ($0.19) EPS. The business's revenue for the quarter was down .2% compared to the same quarter last year. As a group, research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

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.