IonQ (NYSE:IONQ) Trading Up 4.5% - What's Next?

Key Points

• IonQ's stock price increased by 4.5% during Thursday's trading, reaching a high of $78.00 before closing at $77.67, with over 24.7 million shares traded.
• Analyst ratings are mixed, with seven analysts issuing a "Buy" rating while five rated it as "Hold" and two as "Sell," resulting in a consensus price target of $58.33.
• Despite a significant rise in quarterly revenue of 81.6%, IonQ reported a miss in EPS, with a loss of ($0.70) per share compared to an expectation of ($0.13).

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares were up 4.5% during trading on Thursday . The stock traded as high as $78.00 and last traded at $77.67. Approximately 24,729,594 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 23,749,139 shares. The stock had previously closed at $74.30.

Analyst Upgrades and Downgrades

IONQ has been the topic of several recent research reports. B. Riley upped their price objective on shares of IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Wolfe Research began coverage on IonQ in a research report on Wednesday, July 30th. They set a "peer perform" rating on the stock. DA Davidson downgraded shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price on the stock. in a research note on Thursday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of IonQ in a research note on Wednesday. Finally, Needham & Company LLC increased their price target on shares of IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a report on Monday, September 15th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $58.33.

IonQ Stock Up 4.5%

The firm has a 50 day moving average price of $52.35 and a 200 day moving average price of $41.16. The stock has a market cap of $23.06 billion, a PE ratio of -38.64 and a beta of 2.60.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). The firm had revenue of $20.69 million during the quarter, compared to analysts' expectations of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The firm's quarterly revenue was up 81.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.18) EPS. Equities analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Robert T. Cardillo sold 8,773 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $50.52, for a total value of $443,211.96. Following the transaction, the insider owned 37,436 shares in the company, valued at approximately $1,891,266.72. This represents a 18.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 64,578 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $41.82, for a total transaction of $2,700,651.96. Following the transaction, the chief financial officer owned 473,302 shares in the company, valued at approximately $19,793,489.64. This trade represents a 12.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,665 shares of company stock worth $8,223,268. 5.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. TD Waterhouse Canada Inc. increased its holdings 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 acquiring an additional 223 shares during the last quarter. Hilltop National Bank boosted its stake in 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 purchasing an additional 225 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of IonQ by 11.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,480 shares of the company's stock valued at $153,000 after purchasing an additional 261 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock worth $36,000 after acquiring an additional 279 shares in the last quarter. Finally, Rothschild Investment LLC boosted its position 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 purchasing an additional 295 shares during the period. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.