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

Shares of IonQ, Inc. (NYSE:IONQ) hit a new 52-week high during trading on Wednesday . The company traded as high as $26.52 and last traded at $26.29, with a volume of 8297242 shares. The stock had previously closed at $23.01.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on IONQ shares. Needham & Company LLC upped 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. Craig Hallum increased their price objective on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark increased their target price on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group cut their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th.

IonQ Trading Up 11.0 %

The firm has a market cap of $5.47 billion, a PE ratio of -32.46 and a beta of 1.89. The company’s 50-day moving average is $11.77 and its 200 day moving average is $9.23.

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

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the sale, the executive now owns 638,908 shares in the company, valued at $7,488,001.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Carnegie Investment Counsel acquired a new position in shares of IonQ during the 3rd quarter worth $5,036,000. Yong Rong HK Asset Management Ltd acquired a new position in shares of IonQ during the 3rd quarter worth $3,749,000. Bleakley Financial Group LLC acquired a new position in shares of IonQ during the 3rd quarter worth $152,000. Oppenheimer & Co. Inc. increased its stake in shares of IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Gamco Investors INC. ET AL acquired a new position in shares of IonQ during the 1st quarter worth $185,000. 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.