IonQ (NYSE:IONQ) Stock Price Up 3.3% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price rose 3.3% during trading on Monday . The stock traded as high as $40.93 and last traded at $40.42. 14,093,879 shares traded hands during trading, a decline of 42% from the average session volume of 24,370,275 shares. The stock had previously closed at $39.13.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Weiss Ratings lowered IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Friday, August 21st. B. Riley Financial reissued a “buy” rating on shares of IonQ in a research report on Wednesday, September 9th. Morgan Stanley set a $49.00 price target on shares of IonQ in a report on Thursday, August 6th. Jefferies Financial Group reaffirmed a “buy” rating and set a $80.00 price target on shares of IonQ in a research report on Wednesday, September 9th. Finally, Benchmark reiterated a “buy” rating and set a $60.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, IonQ currently has an average rating of “Moderate Buy” and a consensus price target of $67.17.

IonQ Stock Up 3.3%

The company has a market capitalization of $15.40 billion, a price-to-earnings ratio of -8.67 and a beta of 3.30. The firm has a 50 day moving average price of $39.20 and a two-hundred day moving average price of $43.85.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.23. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The business had revenue of $80.05 million for the quarter, compared to analysts’ expectations of $66.47 million. During the same quarter in the previous year, the firm posted ($0.70) earnings per share. The company’s revenue was up 286.7% compared to the same quarter last year. Analysts predict that IonQ, Inc. will post -2.11 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, insider John Raymond sold 2,407 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $37.21, for a total value of $89,564.47. Following the sale, the insider owned 77,741 shares in the company, valued at approximately $2,892,742.61. This represents a 3.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently bought and sold shares of the company. Core Capital Management & Research inc. acquired a new stake in IonQ during the second quarter valued at approximately $53,000. Sequoia Financial Advisors LLC acquired a new position in shares of IonQ in the 2nd quarter worth approximately $394,000. National Pension Service acquired a new position in shares of IonQ in the 2nd quarter worth approximately $3,908,000. NorthRock Partners LLC bought a new stake in shares of IonQ in the 2nd quarter valued at approximately $241,000. Finally, Integrated Wealth Concepts LLC increased its holdings in shares of IonQ by 72.4% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 12,786 shares of the company’s stock valued at $681,000 after acquiring an additional 5,368 shares during the last quarter. 41.42% of the stock is owned by institutional investors.

About IonQ

IonQ, Inc is a quantum computing company that develops and commercializes quantum computers based on trapped-ion technology. Its systems are designed to perform specialized computations that may be difficult for classical computers, with potential applications in areas such as optimization, materials science, drug discovery, artificial intelligence and financial modeling.

The company provides access to its quantum processors through cloud platforms, including Amazon Web Services’ Amazon Braket, Microsoft Azure Quantum and Google Cloud.