IonQ (NYSE:IONQ) Trading Up 5.8% – Here’s Why
by Danessa Lincoln · The Markets DailyIonQ, Inc. (NYSE:IONQ – Get Free Report) was up 5.8% on Monday . The stock traded as high as $63.56 and last traded at $61.2140. Approximately 25,144,330 shares traded hands during trading, a decline of 6% from the average daily volume of 26,721,451 shares. The stock had previously closed at $57.85.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on IONQ shares. Jefferies Financial Group set a $85.00 price target on IonQ in a report on Thursday, May 7th. Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday. JPMorgan Chase & Co. increased their price target on IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Benchmark decreased their price target on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Finally, Morgan Stanley set a $48.50 price objective on IonQ in a research report on Thursday, May 7th. Ten 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $68.63.
Get Our Latest Analysis on IonQ
IonQ Price Performance
The company has a 50-day simple moving average of $50.21 and a 200-day simple moving average of $44.62. The stock has a market cap of $22.85 billion, a PE ratio of -218.62 and a beta of 3.18.
IonQ (NYSE:IONQ – Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The business had revenue of $64.67 million during the quarter, compared to analysts’ expectations of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The company’s revenue was up 754.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.14) EPS. On average, equities analysts expect that IonQ, Inc. will post -2.26 EPS for the current fiscal year.
Insider Transactions at IonQ
In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the transaction, the insider owned 139,967 shares in the company, valued at approximately $6,984,353.30. This represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.55% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of IonQ by 18.5% in the fourth 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 in the last quarter. State Street Corp increased its position 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 buying an additional 2,663,230 shares in the last quarter. Geode Capital Management LLC increased its position in shares of IonQ by 21.9% in the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock valued at $361,624,000 after buying an additional 1,452,463 shares in the last quarter. Norges Bank purchased a new position in shares of IonQ in the fourth quarter valued at $199,753,000. Finally, Marex Group plc increased its position in shares of IonQ by 419.1% in the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after buying an additional 3,296,866 shares in the last quarter. Hedge funds and other institutional investors 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.