IonQ (NYSE:IONQ) Shares Gap Up – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) gapped up before the market opened on Thursday . The stock had previously closed at $26.76, but opened at $27.90. IonQ shares last traded at $25.40, with a volume of 7,984,193 shares traded.

Analyst Ratings Changes

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

IonQ Trading Up 0.6 %

The firm has a market cap of $5.76 billion, a P/E ratio of -31.67 and a beta of 1.89. The business’s 50-day moving average is $12.17 and its two-hundred day moving average is $9.35.

IonQ (NYSE:IONQ) last posted its 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 company had revenue of $12.40 million for the quarter, compared to the consensus estimate 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 for the quarter was up 102.1% compared to the same quarter last year. During the same period last year, the company posted ($0.22) earnings per share. On average, analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the transaction, the executive now directly owns 592,658 shares of the company’s stock, valued at $10,519,679.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 66,000 shares of company stock valued at $972,331 in the last quarter. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several institutional investors have recently modified their holdings of the company. Quest Partners LLC raised its position in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the period. Redwood Wealth Management Group LLC bought a new position in shares of IonQ during the 2nd quarter worth about $67,000. nVerses Capital LLC bought a new stake in shares of IonQ in the 3rd quarter worth about $72,000. Mosley Wealth Management bought a new stake in IonQ during the 2nd quarter worth about $81,000. Finally, Xponance Inc. acquired a new position in shares of IonQ in the 2nd quarter valued at approximately $88,000. Institutional investors and hedge funds 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.