IonQ (NYSE:IONQ) Trading 1.9% Higher – What’s Next?
by Doug Wharley · The Cerbat GemIonQ, Inc. (NYSE:IONQ – Get Free Report)’s share price was up 1.9% during mid-day trading on Thursday . The company traded as high as $50.18 and last traded at $49.26. Approximately 17,538,125 shares changed hands during mid-day trading, a decline of 7% from the average daily volume of 18,928,156 shares. The stock had previously closed at $48.33.
Analyst Ratings Changes
IONQ has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. DA Davidson lifted their price objective on IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Mizuho started coverage on IonQ in a research note on Thursday, December 11th. They issued an “outperform” rating and a $90.00 target price for the company. Cantor Fitzgerald raised their price target on IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Finally, JPMorgan Chase & Co. initiated coverage on IonQ in a research report on Thursday, November 20th. They issued a “neutral” rating and a $47.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and an average target price of $75.91.
Get Our Latest Research Report on IonQ
IonQ Stock Performance
The business has a 50-day simple moving average of $48.66 and a 200 day simple moving average of $51.38. The firm has a market cap of $17.11 billion, a P/E ratio of -9.21 and a beta of 2.63.
IonQ (NYSE:IONQ – Get Free Report) last posted its earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The business had revenue of $39.87 million for the quarter, compared to analysts’ expectations of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. IonQ’s quarterly revenue was up 221.5% on a year-over-year basis. During the same period last year, the firm posted ($0.24) earnings per share. On average, research analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.
Insider Transactions at IonQ
In related news, Director William J. Teuber, Jr. bought 2,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were purchased at an average price of $54.81 per share, with a total value of $109,620.00. Following the purchase, the director owned 6,413 shares of the company’s stock, valued at approximately $351,496.53. This trade represents a 45.32% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathryn K. Chou sold 5,000 shares of the business’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $55.00, for a total transaction of $275,000.00. Following the transaction, the director owned 60,839 shares in the company, valued at $3,346,145. This represents a 7.59% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 125,000 shares of company stock valued at $5,992,000. Company insiders own 5.20% of the company’s stock.
Hedge Funds Weigh In On IonQ
A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of IonQ by 18.5% in the 3rd quarter. Vanguard Group Inc. now owns 29,354,706 shares of the company’s stock worth $1,805,314,000 after buying an additional 4,587,260 shares during the period. Norges Bank bought a new stake in IonQ in the 2nd quarter worth about $114,767,000. JPMorgan Chase & Co. raised its holdings in shares of IonQ by 648.5% during the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock valued at $114,917,000 after purchasing an additional 2,317,058 shares during the last quarter. Lansdowne Partners UK LLP raised its stake in IonQ by 286.1% during the 3rd quarter. Lansdowne Partners UK LLP now owns 1,937,031 shares of the company’s stock valued at $119,127,000 after buying an additional 1,435,394 shares during the last quarter. Finally, State Street Corp increased its position in IonQ by 19.9% during the third quarter. State Street Corp now owns 6,299,559 shares of the company’s stock valued at $387,423,000 after acquiring an additional 1,043,878 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.
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. 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.