IonQ (NYSE:IONQ) Stock Price Up 4.3% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) rose 4.3% during trading on Monday . The company traded as high as $42.55 and last traded at $40.70. Approximately 18,842,994 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 18,157,285 shares. The stock had previously closed at $39.02.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Needham & Company LLC cut their price target on shares of IonQ from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Morgan Stanley upped their price objective on IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 8th. DA Davidson lowered their price target on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Benchmark cut their price objective on IonQ from $45.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $38.33.

IonQ Trading Up 3.2%

The firm has a market capitalization of $8.98 billion, a price-to-earnings ratio of -49.94 and a beta of 2.59. The firm’s 50-day moving average is $31.52 and its 200 day moving average is $33.12.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.14. The firm had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the company posted ($0.19) EPS. Analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, Director William F. Scannell bought 93,066 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares in the company, valued at approximately $2,945,375.07. The trade was a 221.69% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares of the company’s stock, valued at $7,756,875.36. This represents a 82.84% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,031,759 shares of company stock valued at $38,029,765. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

Large investors have recently modified their holdings of the company. Spire Wealth Management boosted its position in IonQ by 406.3% during the 4th quarter. Spire Wealth Management now owns 962 shares of the company’s stock valued at $40,000 after buying an additional 772 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of IonQ during the fourth quarter valued at approximately $3,840,000. Choreo LLC bought a new position in shares of IonQ during the fourth quarter valued at approximately $462,000. Strategic Financial Concepts LLC purchased a new stake in IonQ in the fourth quarter worth $1,745,000. Finally, Golden State Wealth Management LLC bought a new stake in IonQ in the fourth quarter valued at $34,000. 41.42% of the stock is owned by hedge funds and other 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.