IonQ (NYSE:IONQ) Trading 1.6% Higher - Here's What Happened

Key Points

• IonQ's stock price increased by 1.6% on Friday, trading as high as $64.11 before last trading at $60.30, with trading volume surpassing the average by 11%.
• Analysts have mixed reviews for IonQ, with Needham & Company raising the price target to $80.00 while DA Davidson downgraded it to "neutral" with a target of $35.00.
• The company reported a revenue increase of 81.6% year-over-year despite a significant negative earnings per share of ($0.70) for the last quarter.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded up 1.6% on Friday . The company traded as high as $64.11 and last traded at $60.30. 27,288,725 shares were traded during mid-day trading, an increase of 11% from the average session volume of 24,513,377 shares. The stock had previously closed at $59.37.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IONQ. DA Davidson lowered shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price target for the company. in a research report on Thursday, August 7th. Wolfe Research began coverage on shares of IonQ in a research report on Wednesday, July 30th. They set a "peer perform" rating for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of IonQ in a research report on Wednesday, October 8th. Needham & Company LLC raised their price target on shares of IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Finally, B. Riley lifted their target price on shares of IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a report 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, the stock presently has a consensus rating of "Hold" and an average price target of $58.33.

IonQ Trading Up 1.6%

The firm's fifty day moving average is $57.42 and its 200 day moving average is $44.15. The company has a market cap of $17.90 billion, a PE ratio of -30.00 and a beta of 2.60.

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

Insider Activity at IonQ

In other news, 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 transaction, the chief executive officer owned 1,181,186 shares of the company's stock, valued at approximately $52,444,658.40. The trade was a 1.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robert T. Cardillo sold 8,773 shares of the business's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $50.52, for a total transaction of $443,211.96. Following the transaction, the insider directly owned 37,436 shares in the company, valued at approximately $1,891,266.72. The trade was a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 131,398 shares of company stock worth $5,665,690 over the last 90 days. Corporate insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Hilltop National Bank boosted its position in shares of IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company's stock valued at $26,000 after acquiring an additional 225 shares during the last quarter. Financial Consulate Inc. acquired a new position in shares of IonQ during the 3rd quarter valued at about $29,000. Archer Investment Corp boosted its position in shares of IonQ by 119.3% during the 2nd quarter. Archer Investment Corp now owns 592 shares of the company's stock valued at $25,000 after acquiring an additional 322 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in shares of IonQ during the 3rd quarter valued at about $49,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after acquiring an additional 279 shares during the last quarter. 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.

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