IonQ (NYSE:IONQ) Trading 2.6% Higher Following Analyst Upgrade

IonQ, Inc. (NYSE:IONQGet Free Report)’s share price was up 2.6% on Wednesday after Benchmark raised their price target on the stock from $40.00 to $50.00. Benchmark currently has a buy rating on the stock. IonQ traded as high as $43.96 and last traded at $40.79. Approximately 29,018,270 shares were traded during trading, an increase of 24% from the average daily volume of 23,361,875 shares. The stock had previously closed at $39.74.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley increased their target price on IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. Needham & Company LLC cut their price target on IonQ from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Finally, DA Davidson dropped their price target on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

View Our Latest Research Report on IonQ

Insider Buying and Selling at IonQ

In other news, CEO Masi Niccolo De sold 9,280 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $42.23, for a total value of $391,894.40. Following the completion of the transaction, the chief executive officer now directly owns 711,987 shares in the company, valued at approximately $30,067,211.01. The trade was a 1.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC acquired a new stake in IonQ in the fourth quarter worth $26,000. Smartleaf Asset Management LLC increased its stake in shares of IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. purchased a new position in IonQ during the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. purchased a new position in IonQ in the 4th quarter worth approximately $33,000. Finally, Sandy Spring Bank boosted its stake in shares of IonQ by 350.0% in the 4th quarter. Sandy Spring Bank now owns 900 shares of the company’s stock valued at $38,000 after purchasing an additional 700 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Trading Down 2.3%

The company has a market capitalization of $8.64 billion, a P/E ratio of -47.89 and a beta of 2.59. The stock’s fifty day moving average is $32.86 and its 200 day moving average is $33.32.

IonQ (NYSE:IONQGet Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.14. The firm had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.19) earnings per share. On average, analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

IonQ Company Profile

(Get Free Report)

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.

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