IonQ (NYSE:IONQ) Trading Up 2.2% - Here's Why

Key Points

• IonQ shares rose 2.2% to about $37.54 in mid-day trading, despite volume running 26% below the average session level.
• Analysts remain broadly optimistic, with a “Moderate Buy” consensus from 15 analysts and an average price target of $67.17; individual targets range from $49 to $100.
• IonQ reported stronger-than-expected quarterly results, including revenue of $80.05 million—up 286.7% year over year—and an adjusted loss of $0.33 per share versus estimates of a $0.56 loss. However, the company remains unprofitable, with a negative net margin of 553.27%.

IonQ, Inc. (NYSE:IONQ - Get Free Report) was up 2.2% during mid-day trading on Monday . The company traded as high as $38.56 and last traded at $37.5410. 18,136,283 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 24,571,121 shares. The stock had previously closed at $36.75.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Morgan Stanley set a $49.00 price objective on shares of IonQ in a report on Thursday, August 6th. Mizuho reduced their target price on IonQ from $61.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, September 9th. Rosenblatt Securities reissued a "buy" rating and set a $100.00 price target on shares of IonQ in a research note on Wednesday, September 9th. Benchmark restated a "buy" rating and set a $60.00 price target on shares of IonQ in a report on Thursday, August 6th. Finally, Wedbush started coverage on IonQ in a research note on Monday, August 3rd. They issued an "outperform" rating and a $75.00 price objective on the stock. Ten equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $67.17.

IonQ Stock Performance

The company's fifty day moving average price is $39.92 and its 200-day moving average price is $43.80. The stock has a market cap of $14.30 billion, a P/E ratio of -8.06 and a beta of 3.30.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, beating analysts' consensus estimates of ($0.56) by $0.23. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The company had revenue of $80.05 million during the quarter, compared to analyst estimates of $66.47 million. During the same quarter last year, the business posted ($0.70) EPS. The firm's revenue for the quarter was up 286.7% on a year-over-year basis. Analysts anticipate that IonQ, Inc. will post -2.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, Director Kathryn Chou sold 2,757 shares of the firm's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.02, for a total transaction of $151,690.14. Following the transaction, the director owned 62,608 shares of the company's stock, valued at approximately $3,444,692.16. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Raymond sold 3,815 shares of the business's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the sale, the insider owned 80,148 shares of the company's stock, valued at approximately $4,408,941.48. This represents a 4.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,736 shares of company stock worth $602,780 in the last three months. Corporate insiders own 0.55% of the company's stock.

Institutional Trading of IonQ

A number of hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its stake in IonQ by 5,901.1% in the second quarter. California State Teachers Retirement System now owns 28,318,821 shares of the company's stock valued at $1,508,260,000 after acquiring an additional 27,846,924 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of IonQ during the 2nd quarter valued at $1,112,945,000. Bank of America Corp DE purchased a new stake in shares of IonQ during the 2nd quarter valued at $344,757,000. Norges Bank acquired a new stake in shares of IonQ in the 4th quarter worth $199,753,000. Finally, Clear Street Group Inc. increased its position in IonQ by 219.6% during the 4th quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company's stock valued at $143,396,000 after buying an additional 2,196,017 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

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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