IonQ (NYSE:IONQ) Trading 1.9% Higher - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was up 1.9% during trading on Monday . The stock traded as high as $47.63 and last traded at $47.42. Approximately 8,203,440 shares were traded during trading, a decline of 59% from the average daily volume of 20,246,643 shares. The stock had previously closed at $46.51.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Benchmark boosted their price target on shares of IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Cantor Fitzgerald began coverage on shares of IonQ in a report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price objective on the stock. DA Davidson dropped their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Needham & Company LLC restated a "buy" rating and set a $50.00 target price on shares of IonQ in a research report on Wednesday, June 11th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.43.

IonQ Price Performance

The business has a 50 day moving average of $40.70 and a 200 day moving average of $33.99. The firm has a market capitalization of $11.66 billion, a price-to-earnings ratio of -29.91 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. IonQ's quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.19) EPS. As a group, equities analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other IonQ news, insider Peter Hume Chapman sold 1,497,311 shares of IonQ stock in a transaction on Friday, June 20th. The shares were sold at an average price of $39.93, for a total value of $59,787,628.23. Following the transaction, the insider directly owned 390,329 shares of the company's stock, valued at approximately $15,585,836.97. The trade was a 79.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathryn K. Chou sold 6,789 shares of the firm's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $43.14, for a total transaction of $292,877.46. Following the sale, the director owned 60,839 shares in the company, valued at approximately $2,624,594.46. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,144,372 shares of company stock worth $358,255,229. 5.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. ORG Partners LLC raised its stake in IonQ by 348.0% during the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock worth $26,000 after purchasing an additional 870 shares during the period. Measured Risk Portfolios Inc. bought a new position in shares of IonQ during the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. acquired a new position in shares of IonQ during the fourth quarter valued at $33,000. Future Financial Wealth Managment LLC boosted its position in IonQ by 50.0% during the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after acquiring an additional 500 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in shares of IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after buying an additional 1,295 shares during the period. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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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