IonQ (NYSE:IONQ) Stock Price Up 3.3% - Here's What Happened

Key Points

• IonQ shares rose 3.3% to $40.42 in active trading, while volume fell 42% below the average session level.
• Analyst sentiment remains positive: IonQ has a “Moderate Buy” consensus rating, with nine Buy ratings and an average price target of $67.17.
• The company exceeded quarterly expectations, reporting a smaller-than-expected loss of $0.33 per share and revenue of $80.05 million, up 286.7% year over year; however, it remains unprofitable with a negative net margin.

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares rose 3.3% on Monday . The company traded as high as $40.93 and last traded at $40.42. 14,093,879 shares traded hands during trading, a decline of 42% from the average session volume of 24,370,275 shares. The stock had previously closed at $39.13.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on IONQ. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 target price on shares of IonQ in a research note on Wednesday, September 9th. Northland Securities raised their price target on IonQ from $55.00 to $70.00 and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 price target on shares of IonQ in a report on Wednesday, September 9th. Benchmark restated a "buy" rating and issued a $60.00 price objective on shares of IonQ in a research report on Thursday, August 6th. Finally, B. Riley Financial reaffirmed a "buy" rating on shares of IonQ in a research note on Wednesday, September 9th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and an average target price of $67.17.

IonQ Stock Performance

The company has a market capitalization of $15.40 billion, a price-to-earnings ratio of -8.67 and a beta of 3.30. The company has a fifty day simple moving average of $39.20 and a two-hundred day simple moving average of $43.85.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The business's revenue for the quarter was up 286.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.70) earnings per share. As a group, analysts expect that IonQ, Inc. will post -2.11 EPS for the current year.

Insider Buying and Selling

In other news, insider John Raymond sold 2,407 shares of the company's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $37.21, for a total transaction of $89,564.47. Following the completion of the transaction, the insider owned 77,741 shares of the company's stock, valued at $2,892,742.61. This represents a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On IonQ

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of IonQ in the 2nd quarter valued at $1,112,945,000. Bank of America Corp DE acquired a new stake in shares of IonQ during the 2nd quarter worth $344,757,000. Norges Bank acquired a new stake in shares of IonQ during the 4th quarter worth $199,753,000. Clear Street Group Inc. raised its position in shares of IonQ by 219.6% in the 4th quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company's stock worth $143,396,000 after buying an additional 2,196,017 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of IonQ in the 2nd quarter worth $113,863,000. 41.42% of the stock is owned by institutional investors and hedge funds.

About IonQ

IonQ, Inc is a quantum computing company that develops and commercializes quantum computers based on trapped-ion technology. Its systems are designed to perform specialized computations that may be difficult for classical computers, with potential applications in areas such as optimization, materials science, drug discovery, artificial intelligence and financial modeling.

The company provides access to its quantum processors through cloud platforms, including Amazon Web Services' Amazon Braket, Microsoft Azure Quantum and Google Cloud.

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