IonQ (NYSE:IONQ) Stock Price Up 7.2% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price rose 7.2% during trading on Thursday . The company traded as high as $71.47 and last traded at $70.0970. Approximately 31,490,799 shares changed hands during mid-day trading, an increase of 19% from the average daily volume of 26,426,176 shares. The stock had previously closed at $65.40.

Analyst Ratings Changes

IONQ has been the subject of a number of research analyst reports. Benchmark decreased their price target on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Cantor Fitzgerald reissued an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Jefferies Financial Group set a $85.00 price objective on IonQ in a report on Thursday, May 7th. Finally, Wedbush reissued an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a report on Monday, May 4th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $68.63.

IonQ Price Performance

The stock has a market capitalization of $26.17 billion, a price-to-earnings ratio of -250.35 and a beta of 3.05. The firm has a fifty day moving average of $42.23 and a 200 day moving average of $43.36.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The company had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm’s revenue was up 754.7% on a year-over-year basis. During the same period last year, the business earned ($0.14) earnings per share. Research analysts predict that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Buying and Selling

In related news, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the sale, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Teuber, Jr. bought 3,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The shares were bought at an average cost of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the acquisition, the director owned 9,413 shares of the company’s stock, valued at $361,270.94. This trade represents a 46.78% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Clear Street Group Inc. acquired a new stake in IonQ in the third quarter valued at approximately $61,488,000. Western Wealth Management LLC grew its holdings in IonQ by 222.8% in the third quarter. Western Wealth Management LLC now owns 23,762 shares of the company’s stock valued at $1,461,000 after purchasing an additional 16,400 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in IonQ by 56.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 47,545 shares of the company’s stock valued at $2,924,000 after purchasing an additional 17,215 shares during the period. Swedbank AB acquired a new stake in IonQ in the fourth quarter valued at approximately $2,708,000. Finally, Jefferies Financial Group Inc. acquired a new stake in IonQ in the fourth quarter valued at approximately $3,271,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.