IonQ (NYSE:IONQ) Stock Price Up 16.5% - What's Next?

Key Points

• IonQ shares surged by 16.5%, closing at $82.27 after trading as high as $84.64 amid a 85% increase in trading volume compared to its average.
• Analysts have mixed opinions on IonQ, with a consensus target price of $58.33, while Benchmark set a new price target of $75.00, and B. Riley increased their target to $100.00.
• Despite a revenue increase of 81.6% year-over-year, IonQ reported a significant earnings miss, posting a loss of ($0.70) per share, compared to expectations of ($0.13).

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) rose 16.5% during trading on Monday . The company traded as high as $84.64 and last traded at $82.27. Approximately 44,317,949 shares were traded during mid-day trading, an increase of 85% from the average daily volume of 23,964,705 shares. The stock had previously closed at $70.65.

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of research reports. Benchmark boosted their price target on shares of IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. DA Davidson cut shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price target for the company. in a research note on Thursday, August 7th. Zacks Research cut shares of IonQ from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. Wolfe Research initiated coverage on shares of IonQ in a research note on Wednesday, July 30th. They issued a "peer perform" rating for the company. Finally, B. Riley boosted their price target on shares of IonQ from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, IonQ has an average rating of "Hold" and a consensus target price of $58.33.

IonQ Trading Up 16.5%

The stock has a market capitalization of $24.42 billion, a P/E ratio of -40.93 and a beta of 2.60. The stock's fifty day moving average price is $53.00 and its two-hundred day moving average price is $41.71.

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

Insider Transactions at IonQ

In other IonQ news, insider Paul T. Dacier sold 4,175 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $185,370.00. Following the transaction, the insider owned 114,454 shares in the company, valued at approximately $5,081,757.60. The trade was a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Masi Niccolo De sold 16,120 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $715,728.00. Following the completion of the transaction, the chief executive officer owned 1,181,186 shares in the company, valued at $52,444,658.40. The trade was a 1.35% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 178,876 shares of company stock valued at $7,930,390. Company insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Archer Investment Corp raised its holdings in IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company's stock worth $25,000 after purchasing an additional 322 shares in the last quarter. ORG Partners LLC raised its holdings in IonQ by 348.0% in the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock worth $26,000 after purchasing an additional 870 shares in the last quarter. Hilltop National Bank raised its holdings in IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company's stock worth $26,000 after purchasing an additional 225 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in IonQ by 780.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after purchasing an additional 1,295 shares in the last quarter. Finally, Close Asset Management Ltd bought a new position in IonQ in the 1st quarter worth $35,000. 41.42% of the stock is currently owned by institutional investors.

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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