IonQ (NYSE:IONQ) Shares Climb 1.4% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) rose 1.4% during trading on Tuesday. The company traded as high as $32.17 and last traded at $31.2150. Approximately 20,365,006 shares were traded during trading, a decline of 18% from the average session volume of 24,725,605 shares. The stock had previously closed at $30.78.

Key Stories Impacting IonQ

Here are the key news stories impacting IonQ this week:

• Positive Sentiment: IonQ’s $2 billion equity raise was described as “a tremendous vote of confidence,” providing capital to fund expansion across quantum computing, networking, security, sensing and chip manufacturing. The financing may strengthen the company’s competitive position, although it also creates dilution concerns. IonQ Sinks 15% in a Week on $2 Billion Raise
• Positive Sentiment: IonQ continues to report rapid revenue growth and record sales, while its shares remain near a 52-week low. This valuation-versus-growth mismatch is prompting some investors to consider the stock an opportunity ahead of the next quarterly report. IonQ Hasn’t Looked More Intriguing in a Long Time
• Positive Sentiment: Native support for the open-source Qrisp programming framework gives developers a way to program IonQ hardware without relying solely on IonQ-specific tools and connects the company to European quantum-software initiatives. IonQ Gets Native Open Source Programming Support
• Positive Sentiment: IonQ’s work with Nu Quantum in a U.K. quantum-technology showcase, along with attention around its DARPA HARQ contract, reinforces its government and networking credentials. Nu Quantum and IonQ in Innovate UK Showcase

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wall Street Zen downgraded IonQ from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price objective on shares of IonQ in a research report on Wednesday, September 9th. Bank of America initiated coverage on IonQ in a report on Monday, September 28th. They issued a “buy” rating and a $60.00 price objective on the stock. B. Riley Financial reissued a “buy” rating on shares of IonQ in a research report on Wednesday, September 9th. Finally, Benchmark reissued a “buy” rating and set a $60.00 target price on shares of IonQ in a research report on Thursday, August 6th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.33.

IonQ Stock Performance

The company’s 50 day moving average is $39.93 and its 200 day moving average is $44.95.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.23. The company had revenue of $80.05 million during the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. IonQ’s revenue for the quarter was up 286.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.70) earnings per share. Analysts predict that IonQ, Inc. will post -2.96 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, insider John Raymond sold 2,407 shares of the business’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $37.21, for a total value of $89,564.47. Following the completion of the sale, the insider directly owned 77,741 shares of the company’s stock, valued at approximately $2,892,742.61. The trade was a 3.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

Large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in IonQ during the second quarter worth approximately $1,112,945,000. Bank of America Corp DE purchased a new stake in IonQ in the second quarter valued at approximately $344,757,000. Bank of New York Mellon Corp acquired a new stake in shares of IonQ in the second quarter valued at approximately $113,863,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of IonQ by 45.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,632,290 shares of the company’s stock valued at $86,936,000 after acquiring an additional 506,191 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of IonQ in the second quarter valued at approximately $82,126,000. 41.42% of the stock is owned by institutional investors and hedge funds.

About IonQ

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.