IonQ (NYSE:IONQ) Shares Up 9.5% - Here's What Happened

Key Points

• IonQ shares rose 9.5% to approximately $35.96 in Monday trading, with volume about 10% above the daily average.
• Analyst sentiment remains broadly positive: 10 analysts rate the stock Buy, six rate it Hold, and one rates it Sell, resulting in a “Moderate Buy” consensus and an average price target of $69.46.
• IonQ reported quarterly revenue of $64.67 million, up 754.7% year over year and above estimates, but its loss of $0.34 per share missed expectations; insiders sold 13,102 shares worth $701,489 during the last quarter.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded up 9.5% on Monday . The company traded as high as $37.17 and last traded at $35.9560. Approximately 28,176,098 shares were traded during mid-day trading, an increase of 10% from the average daily volume of 25,634,098 shares. The stock had previously closed at $32.84.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on IONQ shares. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 target price on shares of IonQ in a report on Thursday, June 11th. Weiss Ratings raised shares of IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Monday, May 11th. Morgan Stanley set a $48.50 price target on IonQ in a research note on Thursday, May 7th. Wedbush reissued an "outperform" rating and set a $60.00 target price on shares of IonQ in a research report on Monday, May 4th. Finally, JPMorgan Chase & Co. boosted their price objective on IonQ from $42.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, IonQ currently has a consensus rating of "Moderate Buy" and an average price target of $69.46.

IonQ Stock Up 9.5%

The firm has a market capitalization of $13.42 billion, a price-to-earnings ratio of -128.41 and a beta of 3.23. The stock has a 50 day moving average of $52.54 and a 200 day moving average of $44.12.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The firm had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The company's quarterly revenue was up 754.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.14) EPS. Analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Transactions at IonQ

In related news, insider John W. Raymond sold 3,815 shares of the firm's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $209,863.15. Following the transaction, the insider directly owned 80,148 shares in the company, valued at $4,408,941.48. This trade represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert T. Cardillo sold 3,773 shares of the business's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the sale, the insider owned 139,967 shares of the company's stock, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 13,102 shares of company stock valued at $701,489. 0.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently bought and sold shares of the business. Swedbank AB bought a new stake in shares of IonQ in the 4th quarter worth approximately $2,708,000. Jefferies Financial Group Inc. bought a new stake in IonQ in the fourth quarter valued at $3,271,000. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in IonQ by 96.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 125,556 shares of the company's stock valued at $3,620,000 after buying an additional 61,656 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of IonQ by 30.3% during the fourth quarter. ProShare Advisors LLC now owns 62,184 shares of the company's stock valued at $2,790,000 after acquiring an additional 14,465 shares during the period. Finally, Forsta AP Fonden bought a new position in shares of IonQ during the fourth quarter worth about $5,488,000. Institutional investors and hedge funds own 41.42% of the company's stock.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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