Shares of IonQ, Inc. (NYSE:IONQ – Get Free Report) were up 1.8% during trading on Friday . The stock traded as high as $37.65 and last traded at $36.42. Approximately 18,093,268 shares changed hands during trading, a decline of 29% from the average daily volume of 25,502,869 shares. The stock had previously closed at $35.77.
IonQ News Summary
Here are the key news stories impacting IonQ this week:
- Positive Sentiment: IonQ completed its acquisition of SkyWater Technology, giving it direct access to domestic semiconductor-fabrication capabilities. Management says the combination will support a vertically integrated quantum platform spanning quantum foundry operations, advanced packaging and manufacturing. IonQ Completes Acquisition of SkyWater Technology
- Positive Sentiment: The SkyWater deal could improve IonQ’s hardware roadmap by reducing reliance on outside chip suppliers and strengthening its position in the U.S. quantum ecosystem. Wedbush viewed regulatory approval for the transaction as a potential roadmap improvement. Wedbush on IonQ’s SkyWater acquisition
- Positive Sentiment: Some analysts and commentators remain bullish on IonQ’s trapped-ion technology and cite its accuracy advantage over certain competitors. That optimism, combined with the acquisition, is helping frame IonQ as one of the stronger long-term quantum-computing candidates. IonQ bullish stance and rating upgrade
- Neutral Sentiment: IonQ is among the most heavily searched stocks on Zacks, indicating heightened investor interest but not necessarily a change in the company’s fundamentals. Investors heavily search IonQ
- Negative Sentiment: Investors are also looking ahead to IonQ’s expected second-quarter earnings report on August 5. The event could intensify volatility, particularly after the company’s latest quarterly earnings-per-share miss despite strong revenue growth.
- Negative Sentiment: The broader quantum-computing and technology sectors remain under pressure after a significant sell-off. IonQ’s high valuation, continued losses and highly speculative profile leave the stock vulnerable if earnings, guidance or acquisition integration do not meet expectations. Quantum earnings and sector sell-off
Wall Street Analyst Weigh In
A number of brokerages have recently commented on IONQ. Wall Street Zen upgraded shares of IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Northland Securities raised their price objective on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Morgan Stanley set a $48.50 target price on shares of IonQ in a research note on Thursday, May 7th. Benchmark initiated coverage on IonQ in a report on Monday. They issued a “buy” rating and a $60.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $69.46.
IonQ Stock Performance
The company’s fifty day simple moving average is $51.11 and its 200-day simple moving average is $43.68. The company has a market capitalization of $13.59 billion, a P/E ratio of -130.07 and a beta of 3.23.
IonQ (NYSE:IONQ – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. During the same quarter in the prior year, the firm posted ($0.14) earnings per share. The business’s revenue for the quarter was up 754.7% compared to the same quarter last year. On average, sell-side analysts predict that IonQ, Inc. will post -2.26 EPS for the current year.
Insider Buying and Selling at IonQ
In other IonQ news, Director Gabrielle B. Toledano sold 2,757 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the transaction, the director owned 11,154 shares in the company, valued at approximately $613,581.54. This represents a 19.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kathryn K. Chou sold 2,757 shares of IonQ 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 completion of the sale, the director owned 62,608 shares in the company, valued at approximately $3,444,692.16. This trade represents a 4.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 13,102 shares of company stock valued at $701,489. Company insiders own 0.55% of the company’s stock.
Hedge Funds Weigh In On IonQ
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of IonQ by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock valued at $1,560,343,000 after buying an additional 5,420,037 shares during the period. State Street Corp boosted its stake in shares of IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after purchasing an additional 2,663,230 shares during the period. Geode Capital Management LLC increased its position in shares of IonQ by 21.9% during the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock worth $361,624,000 after acquiring an additional 1,452,463 shares during the period. Norges Bank purchased a new position in shares of IonQ in the 4th quarter valued at about $199,753,000. Finally, Marex Group plc grew its holdings in IonQ by 419.1% during the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after acquiring an additional 3,296,866 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.
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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