Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) shot up 2.8% during trading on Friday . The stock traded as high as $34.32 and last traded at $33.44. 6,505,600 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 22,216,842 shares. The stock had previously closed at $32.54.
Analyst Ratings Changes
Several analysts recently issued reports on IONQ shares. DA Davidson decreased their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Benchmark decreased their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Morgan Stanley upped their price objective on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Finally, Needham & Company LLC decreased their price objective on shares of IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, IonQ has a consensus rating of "Moderate Buy" and a consensus target price of $38.33.
Get Our Latest Report on IonQ
IonQ Price Performance
The stock has a market capitalization of $7.63 billion, a price-to-earnings ratio of -42.33 and a beta of 2.46. The business has a 50 day simple moving average of $25.89 and a 200-day simple moving average of $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, beating the consensus estimate of ($0.28) by $0.14. The business 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%. The firm's revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.19) EPS. As a group, equities analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.
Insiders Place Their Bets
In other news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now owns 414,363 shares of the company's stock, valued at approximately $7,756,875.36. This represents a 82.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $217,491.84. Following the sale, the chief financial officer now directly owns 944,510 shares of the company's stock, valued at $17,539,550.70. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by insiders.
Hedge Funds Weigh In On IonQ
Several institutional investors have recently added to or reduced their stakes in IONQ. Scientech Research LLC bought a new stake in IonQ during the 1st quarter valued at $1,035,000. Banque Transatlantique SA bought a new stake in shares of IonQ during the first quarter worth about $93,000. AQR Capital Management LLC lifted its position in IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company's stock valued at $1,265,000 after acquiring an additional 29,513 shares in the last quarter. Amundi bought a new position in IonQ in the 1st quarter valued at about $630,000. Finally, Royal Bank of Canada lifted its position in IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company's stock valued at $2,962,000 after acquiring an additional 14,898 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.
About IonQ
(
Get Free Report)
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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