IonQ (NYSE:IONQ) Stock Price Up 5.8% - Here's What Happened

IonQ, Inc. (NYSE:IONQ) saw its stock price increase by 5.8% on Tuesday. The shares reached a high of $44.59 before settling at $43.87. A total of 9,025,229 shares were exchanged during the trading session, which is a significant decline of 74% compared to the average trading volume of 34,233,129 shares. The stock had previously closed at $41.47.

Wall Street Analysts Forecast Growth

Several analysts have recently provided reports on IonQ shares. DA Davidson initiated coverage of IonQ on December 19, issuing a "buy" rating with a target price of $50.00. Additionally, Needham & Company LLC raised their price target for IonQ stock from $13.00 to $18.00, also giving it a “buy” rating on November 7. Benchmark increased their price target from $12.00 to $22.00 on the same day, maintaining a “buy” rating. Craig Hallum raised its target price to $45.00 from $22.00 on December 20. On January 10, The Goldman Sachs Group adjusted its target from $16.00 to $30.00, issuing a “neutral” rating. Currently, one research analyst has assigned a hold rating, while four have recommended a buy. According to MarketBeat.com data, the overall consensus rating for IonQ is a "Moderate Buy" with an average price target of $33.00.

IonQ Price Performance

The stock boasts a market capitalization of $8.95 billion, a price-to-earnings ratio of -51.08, and a beta of 2.41. The firm’s fifty-day moving average stands at $39.02, while the 200-day moving average is at $21.67. IonQ reported its latest quarterly earnings results on November 6. The company posted earnings of ($0.24) per share, missing the analyst consensus estimate of ($0.22) by $0.02. IonQ experienced a notable negative net margin of 457.85% and a negative return on equity of 36.82%. The revenue for the quarter reached $12.40 million, exceeding expectations of $10.56 million, and showed a substantial annual increase of 102.1%. Analysts anticipate that IonQ, Inc. will report earnings per share of -0.86 for the current fiscal year.

Insider Buying and Selling at IonQ

There were notable insider transactions, including sales by Chief Revenue Officer Rima Alameddine, who sold 21,337 shares on December 11 at an average price of $29.73, totaling $634,349. Following the sale, Alameddine owned 571,321 shares, valued at around $16,985,373. The company's CEO, Peter Hume Chapman, also sold 13,106 shares on the same day for $389,641. After the sale, Chapman retained 414,363 shares worth approximately $12,319,012. In the past ninety days, 44,223 shares of IonQ stock were sold by insiders, amounting to $1,314,652. Currently, insiders hold 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

Recently, various institutional investors have adjusted their positions in IonQ. The Manufacturers Life Insurance Company increased its stake by 16.8% in the second quarter, owning 115,782 shares valued at $814,000 after acquiring an additional 16,642 shares. Algert Global LLC entered a new stake in IonQ during the same quarter, valued at about $126,000. Handelsbanken Fonder AB raised its stake by 33.1% in the third quarter, now owning 69,200 shares worth $605,000. Additionally, Sovereign Financial Group Inc. and Carnegie Investment Counsel acquired new positions in IonQ valued at $266,000 and $5,036,000, respectively. Approximately 41.42% of IonQ’s stock is held by institutional investors and hedge funds.

IonQ Company Profile

IonQ, Inc. specializes in developing general-purpose quantum computing systems in the United States, offering access to various qubit capacities. The company enables access to its quantum computers via cloud platforms, including Amazon Web Services (AWS), Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, alongside its cloud service.

IonQ, Stock, Trading