IonQ (NYSE:IONQ) Stock Price Up 1.1% - What's Next?

Key Points

• IonQ's stock price increased by 1.1% on Thursday, trading around $37.21, despite a drop in trading volume to approximately 3.8 million shares.
• Several analysts recently rated IonQ stock with a consensus target price of $45.00, with six analysts giving it a "buy" rating and five a "hold" rating.
• IonQ reported quarterly earnings of ($0.70) per share, missing estimates, but showed significant revenue growth of 81.6% year-over-year, totaling $20.69 million.

IonQ, Inc. (NYSE:IONQ - Get Free Report) rose 1.1% during mid-day trading on Thursday . The stock traded as high as $37.33 and last traded at $37.21. Approximately 3,859,436 shares traded hands during trading, a decline of 83% from the average daily volume of 22,686,621 shares. The stock had previously closed at $36.79.

Wall Street Analyst Weigh In

IONQ has been the topic of several recent analyst reports. Rosenblatt Securities assumed coverage on IonQ in a report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price objective on the stock. Morgan Stanley increased their price objective on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Oppenheimer began coverage on IonQ in a report on Wednesday, July 30th. They issued an "outperform" rating on the stock. Benchmark increased their price objective on IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Finally, Sanford C. Bernstein began coverage on IonQ in a report on Wednesday, July 30th. They issued a "market perform" rating on the stock. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, IonQ presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.00.

IonQ Stock Up 0.8%

The company has a market capitalization of $11.01 billion, a P/E ratio of -18.45 and a beta of 2.54. The firm has a 50-day moving average price of $41.61 and a two-hundred day moving average price of $34.38.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The business had revenue of $20.69 million during the quarter, compared to the consensus estimate of $17.23 million. During the same period in the prior year, the company posted ($0.18) earnings per share. The firm's revenue was up 81.6% compared to the same quarter last year. On average, analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In related news, CEO Masi Niccolo De sold 2,597,500 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was 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 directly owned 711,987 shares in the company, valued at approximately $28,721,555.58. This represents a 78.49% 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, CFO Thomas G. Kramer sold 216,000 shares of the stock in a transaction 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 transaction, the chief financial officer 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 9,209,626 shares of company stock valued at $361,253,723. Company insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. TD Waterhouse Canada Inc. boosted its holdings in IonQ by 28.4% in the second quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company's stock valued at $40,000 after acquiring an additional 223 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock worth $36,000 after purchasing an additional 279 shares in the last quarter. Rothschild Investment LLC raised its stake in IonQ by 12.2% in the 2nd quarter. Rothschild Investment LLC now owns 2,720 shares of the company's stock valued at $117,000 after acquiring an additional 295 shares during the period. Nisa Investment Advisors LLC raised its stake in IonQ by 4.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,882 shares of the company's stock valued at $296,000 after acquiring an additional 306 shares during the period. Finally, Prospera Financial Services Inc grew its holdings in IonQ by 0.8% in the 2nd quarter. Prospera Financial Services Inc now owns 42,286 shares of the company's stock valued at $1,817,000 after buying an additional 320 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.

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