IonQ (NYSE:IONQ) Shares Up 5.7% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares shot up 5.7% during mid-day trading on Monday . The company traded as high as $35.81 and last traded at $35.75. 9,472,959 shares were traded during trading, a decline of 5% from the average session volume of 9,919,846 shares. The stock had previously closed at $33.83.

Wall Street Analyst Weigh In

IONQ has been the topic of several research reports. Craig Hallum raised their price target on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Benchmark increased their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Trading Up 4.8 %

The firm has a 50-day moving average of $23.95 and a 200 day moving average of $13.40. The stock has a market capitalization of $9.49 billion, a price-to-earnings ratio of -54.12 and a beta of 2.49.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. During the same quarter last year, the company posted ($0.22) earnings per share. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. As a group, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the transaction, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 110,223 shares of company stock valued at $2,286,983. 11.60% of the stock is currently owned by insiders.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently bought and sold shares of the company. Carnegie Investment Counsel acquired a new stake in shares of IonQ during the third quarter worth $5,036,000. Yong Rong HK Asset Management Ltd acquired a new stake in IonQ during the third quarter worth about $3,749,000. Main Management ETF Advisors LLC bought a new position in IonQ in the third quarter worth about $1,865,000. Geode Capital Management LLC lifted its holdings in IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after acquiring an additional 199,360 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in IonQ in the third quarter valued at approximately $1,631,000. Institutional investors and hedge funds 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.