IonQ (NYSE:IONQ) Shares Up 2.9% - Here's What Happened

Key Points

• IonQ's stock rose by 2.9% during mid-day trading, reaching a high of $40.70 before closing at $39.21, although the trading volume was significantly lower than the average.
• Several research firms have upgraded their ratings on IonQ, with targets ranging from $30.00 to $70.00 and a consensus rating of "Moderate Buy."
• Recent insider trading saw CFO Thomas G. Kramer and CEO Masi Niccolo De significantly reduce their stakes in the company, with insider sales totaling over $360 million in recent months.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price shot up 2.9% during mid-day trading on Monday . The company traded as high as $40.70 and last traded at $39.21. 7,179,045 shares were traded during mid-day trading, a decline of 69% from the average session volume of 22,957,131 shares. The stock had previously closed at $38.12.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IONQ. Cantor Fitzgerald began coverage on IonQ in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price target on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price target on shares of IonQ in a research note on Wednesday, June 11th. Morgan Stanley upped their price target on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Sanford C. Bernstein began coverage on IonQ in a research note on Wednesday. They set a "market perform" rating on the stock. Finally, Rosenblatt Securities began coverage on IonQ in a research note on Tuesday, July 29th. They set a "buy" rating and a $70.00 price target on the stock. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.00.

IonQ Trading Up 4.2%

The business has a fifty day simple moving average of $41.81 and a 200 day simple moving average of $34.25. The stock has a market capitalization of $10.40 billion, a P/E ratio of -26.65 and a beta of 2.54.

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

Insiders Place Their Bets

In other news, CFO Thomas G. Kramer sold 216,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 718,516 shares of the company's stock, valued at $27,382,644.76. This represents a 23.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Masi Niccolo De sold 2,597,500 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.34, for a total value of $104,783,150.00. Following the completion of the transaction, the chief executive officer owned 711,987 shares in the company, valued at approximately $28,721,555.58. The trade was a 78.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 9,191,850 shares of company stock valued at $360,519,930. Insiders own 5.20% of the company's stock.

Hedge Funds Weigh In On IonQ

Institutional investors have recently bought and sold shares of the company. Measured Risk Portfolios Inc. purchased a new stake in shares of IonQ during the fourth quarter worth $27,000. TD Waterhouse Canada Inc. purchased a new stake in shares of IonQ during the fourth quarter worth $33,000. Virtus Fund Advisers LLC purchased a new stake in shares of IonQ in the fourth quarter worth $42,000. Ameritas Advisory Services LLC purchased a new stake in shares of IonQ in the second quarter worth $46,000. Finally, Spire Wealth Management raised its position in shares of IonQ by 58.0% in the second quarter. Spire Wealth Management now owns 1,090 shares of the company's stock worth $47,000 after buying an additional 400 shares in the last quarter. Hedge funds and other 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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