IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price rose 5.8% during mid-day trading on Tuesday . The stock traded as high as $44.59 and last traded at $43.87. Approximately 9,025,229 shares changed hands during trading, a decline of 74% from the average daily volume of 34,233,129 shares. The stock had previously closed at $41.47.
Analysts Set New Price Targets
IONQ has been the topic of several recent analyst reports. Needham & Company LLC upped their target price on IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. DA Davidson initiated coverage on IonQ in a research report on Thursday, December 19th. They set a "buy" rating and a $50.00 target price on the stock. Craig Hallum upped their target price on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Finally, The Goldman Sachs Group increased their price objective on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $33.00.
Get Our Latest Stock Analysis on IONQ
IonQ Price Performance
The business has a fifty day moving average price of $39.20 and a two-hundred day moving average price of $21.81. The firm has a market capitalization of $8.77 billion, a price-to-earnings ratio of -50.06 and a beta of 2.41.
IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm's revenue was up 102.1% on a year-over-year basis. During the same period last year, the business earned ($0.22) earnings per share. On average, research analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.
Insider Buying and Selling
In related news, CEO Peter Hume Chapman sold 13,106 shares of the firm's stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares of the company's stock, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,223 shares of company stock valued at $1,314,652 over the last ninety days. Company insiders own 11.60% of the company's stock.
Hedge Funds Weigh In On IonQ
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Independent Advisor Alliance purchased a new position in shares of IonQ in the fourth quarter valued at approximately $556,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in IonQ by 42.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,010 shares of the company's stock worth $1,671,000 after buying an additional 11,994 shares in the last quarter. AlphaQuest LLC purchased a new position in IonQ during the fourth quarter worth approximately $160,000. Lindbrook Capital LLC increased its stake in IonQ by 1,162.2% during the fourth quarter. Lindbrook Capital LLC now owns 934 shares of the company's stock worth $39,000 after acquiring an additional 860 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in IonQ during the fourth quarter worth $10,768,000. Hedge funds and other institutional investors own 41.42% of the company's stock.
About IonQ
(
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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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