IonQ (NYSE:IONQ) Hits New 1-Year High – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) reached a new 52-week high during trading on Friday . The stock traded as high as $35.77 and last traded at $35.47, with a volume of 6632302 shares changing hands. The stock had previously closed at $32.21.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IONQ. Needham & Company LLC increased their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Craig Hallum boosted their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark lifted their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group cut their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th.

IonQ Price Performance

The stock has a market cap of $7.87 billion, a PE ratio of -43.79 and a beta of 1.89. The company’s fifty day moving average is $17.10 and its 200-day moving average is $10.94.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same quarter in the previous year, the business posted ($0.22) EPS. The business’s quarterly revenue was up 102.1% on a year-over-year basis. Analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction that occurred on 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 owns 648,783 shares in the company, valued at approximately $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 66,000 shares of company stock valued at $972,331 in the last 90 days. 11.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Vanguard Group Inc. increased its holdings in IonQ by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock worth $188,062,000 after acquiring an additional 918,265 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares in the last quarter. State Street Corp increased its stake in shares of IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after purchasing an additional 75,596 shares in the last quarter. SG Americas Securities LLC raised its position in shares of IonQ by 27.3% during the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock worth $18,661,000 after purchasing an additional 569,906 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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.