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

Key Points

• IonQ shares rose 4.2% to $45.25 in mid-day trading, with volume of 20.5 million shares—19% below the average session volume.
• The company’s latest quarterly results beat expectations: adjusted EPS was a loss of $0.33 versus the consensus loss of $0.56, while revenue reached $80.05 million, up 286.7% year over year.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus rating and an average price target of $69.92, although insiders sold 9,329 shares worth approximately $513,216 over the past three months.

IonQ, Inc. (NYSE:IONQ - Get Free Report) was up 4.2% during mid-day trading on Wednesday . The stock traded as high as $45.54 and last traded at $45.25. 20,531,266 shares traded hands during trading, a decline of 19% from the average session volume of 25,398,105 shares. The stock had previously closed at $43.44.

Analyst Ratings Changes

IONQ has been the subject of several analyst reports. Needham & Company LLC restated a "buy" rating and issued a $65.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Rosenblatt Securities restated a "buy" rating and issued a $100.00 price target on shares of IonQ in a research report on Thursday, August 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $70.00 price objective on shares of IonQ in a research report on Thursday, August 6th. Benchmark reiterated a "buy" rating and set a $60.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of IonQ in a report on Friday. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, IonQ has an average rating of "Moderate Buy" and a consensus target price of $69.92.

IonQ Trading Up 4.2%

The firm has a market cap of $16.89 billion, a PE ratio of -9.71 and a beta of 3.28. The stock has a 50 day simple moving average of $46.87 and a 200-day simple moving average of $43.17.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating analysts' consensus estimates of ($0.56) by $0.23. The business had revenue of $80.05 million for the quarter, compared to analysts' expectations of $66.47 million. IonQ had a negative return on equity of 21.75% and a negative net margin of 553.27%.The business's quarterly revenue was up 286.7% on a year-over-year basis. During the same period last year, the firm earned ($0.70) earnings per share. On average, equities research analysts expect that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Buying and Selling

In other news, Director Gabrielle B. Toledano sold 2,757 shares of IonQ stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $151,662.57. Following the sale, the director owned 11,154 shares in the company, valued at $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kathryn K. Chou sold 2,757 shares of the business's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total transaction of $151,690.14. Following the completion of the transaction, the director directly owned 62,608 shares in the company, valued at $3,444,692.16. This trade represents a 4.22% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 9,329 shares of company stock valued at $513,216. Corporate insiders own 0.55% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Bogart Wealth LLC increased its stake in shares of IonQ by 24.4% in the 1st quarter. Bogart Wealth LLC now owns 1,273 shares of the company's stock valued at $37,000 after purchasing an additional 250 shares in the last quarter. Beaird Harris Wealth Management LLC boosted its position in IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock worth $31,000 after purchasing an additional 270 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in IonQ by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after purchasing an additional 279 shares during the period. ABN Amro Investment Solutions grew its holdings in IonQ by 2.5% in the first quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company's stock valued at $355,000 after purchasing an additional 295 shares during the period. Finally, Versant Capital Management Inc increased its position in shares of IonQ by 26.1% in the second quarter. Versant Capital Management Inc now owns 1,491 shares of the company's stock valued at $79,000 after buying an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source