IonQ (NYSE:IONQ) Trading Up 0.5% - Here's What Happened

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) were up 0.5% on Wednesday . The company traded as high as $35.29 and last traded at $33.38. Approximately 7,778,312 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 16,521,666 shares. The stock had previously closed at $33.22.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on IONQ shares. Needham & Company LLC reduced their target price on shares of IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Morgan Stanley boosted their price objective on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. DA Davidson decreased their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Benchmark cut their target price on IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

IonQ Trading Up 3.4%

The stock has a market cap of $7.50 billion, a P/E ratio of -41.94 and a beta of 2.46. The firm's fifty day moving average is $25.89 and its 200 day moving average is $30.93.

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

Insider Transactions at IonQ

In other news, CFO Thomas G. Kramer sold 11,712 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $217,491.84. Following the transaction, the chief financial officer now owns 944,510 shares in the company, valued at approximately $17,539,550.70. The trade was a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the sale, the executive now owns 592,615 shares of the company's stock, valued at $12,563,438. This represents a 0.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock worth $38,059,593 over the last three months. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Pathway Financial Advisers LLC acquired a new position in shares of IonQ in the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC increased its position in shares of IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after purchasing an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. bought a new position in shares of IonQ in the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. acquired a new position in IonQ in the fourth quarter worth $33,000. Finally, Golden State Wealth Management LLC bought a new stake in IonQ during the 4th quarter worth about $34,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.