IonQ (NYSE:IONQ) Shares Up 6.5% on Analyst Upgrade

IonQ, Inc. (NYSE:IONQ)’s stock price rose 6.5% on Friday after The Goldman Sachs Group raised their price target on the stock from $16.00 to $30.00. The Goldman Sachs Group currently has a neutral rating on the stock. IonQ traded as high as $33.34 and last traded at $32.23. Approximately 42,498,737 shares were traded during trading, a decline of 5% from the average daily volume of 44,682,926 shares. The stock had previously closed at $30.25.

IONQ has been the topic of a number of other reports. Benchmark boosted their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Craig Hallum raised their target price on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, DA Davidson began coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, IonQ has an average rating of “Moderate Buy” and an average price target of $33.00.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares of the company’s stock, valued at $7,488,001.76. This represents a 1.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,507 shares of company stock worth $2,279,308 over the last ninety days. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after purchasing an additional 480 shares during the period. Versant Capital Management Inc grew its stake in IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after buying an additional 890 shares in the last quarter. Arizona State Retirement System increased its holdings in IonQ by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after buying an additional 1,731 shares during the period. Verity Asset Management Inc. raised its position in shares of IonQ by 12.4% in the 3rd quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock valued at $296,000 after buying an additional 3,736 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in shares of IonQ by 29.3% during the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after acquiring an additional 4,288 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Trading Up 7.4 %

The company’s 50-day moving average is $34.12 and its 200-day moving average is $17.63. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of -40.10 and a beta of 2.43.

IonQ (NYSE:IONQ) last released 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 return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the previous year, the company earned ($0.22) earnings per share. The firm’s revenue for the quarter was up 102.1% on a year-over-year basis. Equities research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

IonQ Company Profile

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.