IonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price rose 7.2% during mid-day trading on Thursday . The stock traded as high as $71.47 and last traded at $70.0970. Approximately 31,490,799 shares traded hands during trading, an increase of 19% from the average daily volume of 26,426,176 shares. The stock had previously closed at $65.40.
Analyst Upgrades and Downgrades
IONQ has been the subject of several research analyst reports. Wall Street Zen upgraded shares of IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. JPMorgan Chase & Co. upped their price target on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Benchmark lowered their price target on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Morgan Stanley set a $48.50 price target on shares of IonQ in a report on Thursday, May 7th. Finally, Jefferies Financial Group set a $85.00 price target on shares of IonQ in a report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.63.
Read Our Latest Report on IonQ
IonQ Price Performance
IonQ (NYSE:IONQ – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The company had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The business’s revenue for the quarter was up 754.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) earnings per share. On average, research analysts forecast that IonQ, Inc. will post -2.26 EPS for the current year.
Insiders Place Their Bets
In related news, insider John W. Raymond sold 2,800 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the sale, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert T. Cardillo sold 3,773 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the sale, the insider owned 139,967 shares of the company’s stock, valued at $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.20% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the business. Ameriflex Group Inc. grew its stake in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after purchasing an additional 340 shares during the period. UMB Bank n.a. acquired a new position in IonQ in the third quarter valued at approximately $31,000. Beaird Harris Wealth Management LLC lifted its stake in IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after buying an additional 270 shares during the period. Accent Capital Management LLC increased its stake in shares of IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after acquiring an additional 371 shares in the last quarter. Finally, Kelleher Financial Advisors bought a new stake in shares of IonQ in the 3rd quarter valued at $36,000. 41.42% of the stock is owned by institutional investors.
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.
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