IonQ (NYSE:IONQ) Shares Up 3.4%

IonQ, Inc. (NYSE:IONQ) shares were up 3.4% during mid-day trading on Wednesday . The stock traded as high as $9.48 and last traded at $9.42. Approximately 1,961,846 shares were traded during trading, a decline of 72% from the average daily volume of 7,061,090 shares. The stock had previously closed at $9.11.

Analyst Ratings Changes

A number of analysts have recently commented on IONQ shares. The Goldman Sachs Group reduced their price target on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, February 29th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of IonQ in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, IonQ has an average rating of “Moderate Buy” and an average price target of $16.50.

IonQ Stock Up 4.6 %

The firm has a market capitalization of $2.08 billion, a PE ratio of -12.81 and a beta of 2.16. The stock’s fifty day simple moving average is $10.42 and its 200 day simple moving average is $12.23.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, February 28th. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.03. IonQ had a negative return on equity of 28.27% and a negative net margin of 715.77%. The company had revenue of $6.11 million for the quarter, compared to analysts’ expectations of $5.70 million. On average, analysts predict that IonQ, Inc. will post -1.24 EPS for the current year.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 27,212 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $277,562.40. Following the completion of the transaction, the executive now directly owns 697,647 shares in the company, valued at $7,115,999.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CTO Jungsang Kim sold 10,220 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.20, for a total value of $104,244.00. Following the transaction, the chief technology officer now directly owns 6,619,941 shares of the company’s stock, valued at approximately $67,523,398.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 27,212 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $277,562.40. Following the sale, the executive now directly owns 697,647 shares of the company’s stock, valued at $7,115,999.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,556 shares of company stock valued at $882,871. 13.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in shares of IonQ in the 2nd quarter worth about $28,000. Huntington National Bank increased its holdings in shares of IonQ by 250,000.0% in the 2nd quarter. Huntington National Bank now owns 2,501 shares of the company’s stock valued at $34,000 after acquiring an additional 2,500 shares during the period. Raymond James Financial Services Advisors Inc. bought a new position in IonQ in the fourth quarter worth about $37,000. C M Bidwell & Associates Ltd. bought a new position in shares of IonQ during the 2nd quarter worth approximately $38,000. Finally, Harbour Investments Inc. increased its position in shares of IonQ by 193.2% during the second quarter. Harbour Investments Inc. now owns 2,932 shares of the company’s stock worth $40,000 after purchasing an additional 1,932 shares in the last quarter. 41.42% of the stock is owned by institutional investors.

IonQ Company Profile

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.