IonQ (NYSE:IONQ) Stock Price Up 10.4% – What’s Next?

IonQ, Inc. (NYSE:IONQ) rose 10.4% during mid-day trading on Monday . The stock traded as high as $64.90 and last traded at $62.6990. Approximately 28,364,307 shares changed hands during trading, an increase of 6% from the average daily volume of 26,716,070 shares. The stock had previously closed at $56.78.

Analysts Set New Price Targets

IONQ has been the topic of several recent analyst reports. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of IonQ in a report on Thursday, February 26th. Weiss Ratings upgraded IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Benchmark cut their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Morgan Stanley set a $48.50 price objective on IonQ in a report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

IonQ Stock Performance

The company has a 50 day simple moving average of $47.17 and a two-hundred day simple moving average of $44.16. The company has a market cap of $23.40 billion, a PE ratio of -223.93 and a beta of 3.18.

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

Insider Activity at IonQ

In other IonQ news, insider John W. Raymond sold 2,800 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the sale, the insider owned 83,963 shares of the company’s stock, valued at $2,799,326.42. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction that occurred 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 sale, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. The trade was a 2.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Clear Street Group Inc. acquired a new position in IonQ during the third quarter worth $61,488,000. Swedbank AB acquired a new position in IonQ during the fourth quarter worth $2,708,000. Western Wealth Management LLC increased its stake in shares of 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 buying an additional 16,400 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of IonQ in the fourth quarter valued at $3,271,000. Finally, ProShare Advisors LLC increased its stake in shares of IonQ by 30.3% in the fourth quarter. ProShare Advisors LLC now owns 62,184 shares of the company’s stock valued at $2,790,000 after buying an additional 14,465 shares in the last quarter. 41.42% of the stock is currently 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.