IonQ (NYSE:IONQ) Shares Up 0.5% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price was up 0.5% on Tuesday . The stock traded as high as $35.99 and last traded at $35.25. Approximately 8,794,285 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 16,698,219 shares. The stock had previously closed at $35.09.

Analyst Upgrades and Downgrades

Several research firms have commented on IONQ. Needham & Company LLC lowered their price objective on shares of IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. DA Davidson lowered their price target on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Morgan Stanley increased their price target on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Finally, Benchmark decreased their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $38.33.

IonQ Price Performance

The stock has a market capitalization of $7.82 billion, a PE ratio of -43.05 and a beta of 2.46. The stock has a 50 day moving average of $26.49 and a two-hundred day moving average of $31.41.

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

Insider Buying and Selling

In other news, Director William F. Scannell bought 93,066 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the purchase, the director now owns 135,047 shares of the company's stock, valued at approximately $2,945,375.07. The trade was a 221.69% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Peter Hume Chapman sold 2,000,000 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the transaction, the insider now owns 414,363 shares of the company's stock, valued at $7,756,875.36. This trade represents a 82.84% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pathway Financial Advisers LLC acquired a new position in IonQ in the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC lifted its position in shares of IonQ by 421.0% in 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 during the period. Measured Risk Portfolios Inc. acquired a new stake in shares of IonQ during the fourth quarter worth $27,000. TD Waterhouse Canada Inc. acquired a new position in IonQ in the fourth quarter valued at $33,000. Finally, Golden State Wealth Management LLC bought a new stake in IonQ during the fourth quarter valued at $34,000. Institutional investors own 41.42% of the company's stock.

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.

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