IonQ (NYSE:IONQ) Trading 4.2% Higher - Here's What Happened

Key Points

• IonQ's stock price increased by 4.2% to a last traded price of $40.30, despite trading volume declining by 77% compared to its average daily volume.
• The company reported quarterly earnings showing a loss per share of ($0.70), missing estimates significantly, but revenue increased by 81.6% year-over-year to $20.69 million.
• Out of 11 equity research analysts, six have rated IonQ as a Buy while five assigned a Hold rating, with a consensus price target of $45.00.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price rose 4.2% during trading on Tuesday . The stock traded as high as $40.75 and last traded at $40.30. Approximately 5,218,951 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 22,506,127 shares. The stock had previously closed at $38.68.

Analyst Ratings Changes

IONQ has been the topic of several recent research reports. Sanford C. Bernstein initiated coverage on shares of IonQ in a report on Wednesday, July 30th. They issued a "market perform" rating on the stock. Cantor Fitzgerald initiated coverage on shares of IonQ in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price target on the stock. Oppenheimer initiated coverage on shares of IonQ in a report on Wednesday, July 30th. They issued an "outperform" rating on the stock. Morgan Stanley upped their price target on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Finally, Wolfe Research initiated coverage on shares of IonQ in a research note on Wednesday, July 30th. They set a "peer perform" rating on the stock. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, IonQ has a consensus rating of "Moderate Buy" and an average price target of $45.00.

IonQ Trading Up 4.7%

The firm's 50-day moving average is $41.62 and its two-hundred day moving average is $34.22. The stock has a market cap of $12.02 billion, a price-to-earnings ratio of -20.13 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings results 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 return on equity of 67.11% and a negative net margin of 885.21%.The company had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. During the same quarter last year, the company earned ($0.18) EPS. The firm's revenue for the quarter was up 81.6% on a year-over-year basis. On average, analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, insider Peter Hume Chapman sold 1,497,311 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 390,329 shares in the company, valued at approximately $15,585,836.97. This represents a 79.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathryn K. Chou sold 6,789 shares of the stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $43.14, for a total transaction of $292,877.46. Following the completion of the sale, the director owned 60,839 shares of the company's stock, valued at approximately $2,624,594.46. The trade was a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,209,626 shares of company stock worth $361,253,723 in the last quarter. Insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

A number of hedge funds have recently bought and sold shares of IONQ. TD Waterhouse Canada Inc. grew its stake in shares of IonQ by 28.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company's stock valued at $40,000 after buying an additional 223 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of IonQ by 50.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after buying an additional 279 shares during the period. Rothschild Investment LLC grew its stake in shares of 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 buying an additional 295 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of 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 buying an additional 306 shares during the period. Finally, Prospera Financial Services Inc grew its stake in shares of 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 during the period. 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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