IonQ (NYSE:IONQ) Shares Up 4.3% – Here’s What Happened
by Kim Johansen · The Markets DailyIonQ, Inc. (NYSE:IONQ – Get Free Report) shares traded up 4.3% on Friday . The company traded as high as $47.09 and last traded at $46.7870. 16,991,582 shares were traded during trading, a decline of 3% from the average session volume of 17,549,844 shares. The stock had previously closed at $44.87.
Wall Street Analyst Weigh In
Several brokerages recently commented on IONQ. Morgan Stanley boosted their price target on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Jefferies Financial Group assumed coverage on shares of IonQ in a research report on Tuesday, December 16th. They issued a “buy” rating and a $100.00 target price for the company. Zacks Research upgraded shares of IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of IonQ in a research note on Thursday, November 6th. Finally, Cantor Fitzgerald upped their price objective on shares of IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Nine equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, IonQ has a consensus rating of “Hold” and an average price target of $72.08.
Read Our Latest Report on IONQ
IonQ Price Performance
The stock’s 50 day moving average price is $50.93 and its two-hundred day moving average price is $50.47. The firm has a market capitalization of $16.26 billion, a price-to-earnings ratio of -8.75 and a beta of 2.63.
IonQ (NYSE:IONQ – Get Free Report) last announced its earnings results on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing the consensus estimate of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The firm had revenue of $39.87 million during the quarter, compared to the consensus estimate of $26.99 million. During the same quarter last year, the business earned ($0.24) EPS. The business’s revenue was up 221.5% compared to the same quarter last year. As a group, equities research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.
Insider Activity
In other IonQ news, CRO Rima Alameddine sold 100,000 shares of IonQ stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the sale, the executive directly owned 432,616 shares of the company’s stock, valued at approximately $20,285,364.24. The trade was a 18.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathryn K. Chou sold 20,000 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $51.40, for a total transaction of $1,028,000.00. Following the completion of the sale, the director owned 60,839 shares in the company, valued at $3,127,124.60. This represents a 24.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 125,000 shares of company stock worth $5,992,000. 5.20% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. lifted its position in IonQ by 4.9% in the 1st quarter. Raymond James Financial Inc. now owns 270,378 shares of the company’s stock valued at $5,967,000 after acquiring an additional 12,577 shares in the last quarter. Comerica Bank boosted its position in IonQ by 4,301.9% during the first quarter. Comerica Bank now owns 4,666 shares of the company’s stock valued at $103,000 after purchasing an additional 4,560 shares during the last quarter. Ieq Capital LLC bought a new position in IonQ in the first quarter valued at approximately $202,000. MAI Capital Management grew its stake in IonQ by 2,525.8% in the first quarter. MAI Capital Management now owns 3,151 shares of the company’s stock valued at $70,000 after purchasing an additional 3,031 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of IonQ by 12.5% during the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after purchasing an additional 14,898 shares during the last quarter. Institutional investors and hedge funds 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.