IonQ (NYSE:IONQ) Trading 3.8% Higher Following Analyst Upgrade

IonQ, Inc. (NYSE:IONQ)’s share price traded up 3.8% on Thursday after Cantor Fitzgerald raised their price target on the stock from $60.00 to $70.00. Cantor Fitzgerald currently has an overweight rating on the stock. IonQ traded as high as $58.99 and last traded at $57.53. 35,126,070 shares changed hands during mid-day trading, an increase of 43% from the average session volume of 24,536,498 shares. The stock had previously closed at $55.41.

Several other analysts also recently weighed in on the company. Rosenblatt Securities boosted their target price on IonQ from $70.00 to $100.00 and gave the company a “buy” rating in a report on Thursday. B. Riley lifted their price target on IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Morgan Stanley boosted their price objective on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday. Wolfe Research began coverage on shares of IonQ in a research report on Wednesday, July 30th. They set a “peer perform” rating on the stock. Finally, Zacks Research raised shares of IonQ from a “strong sell” rating to a “hold” rating in a report on Tuesday. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, IonQ has an average rating of “Hold” and an average target price of $68.11.

Insider Activity at IonQ

In other IonQ news, CEO Masi Niccolo De sold 16,120 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $715,728.00. Following the completion of the transaction, the chief executive officer owned 1,181,186 shares in the company, valued at approximately $52,444,658.40. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 19,976 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $886,934.40. Following the completion of the sale, the executive owned 532,616 shares of the company’s stock, valued at $23,648,150.40. This trade represents a 3.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 113,622 shares of company stock worth $4,931,896 in the last three months. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of large investors have recently bought and sold shares of the stock. Stone House Investment Management LLC raised its holdings in shares of IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after acquiring an additional 350 shares during the last quarter. Hilltop National Bank increased its position in IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after purchasing an additional 225 shares in the last quarter. Financial Consulate Inc. acquired a new position in IonQ in the 3rd quarter valued at about $29,000. UMB Bank n.a. acquired a new position in IonQ in the 3rd quarter valued at about $31,000. Finally, Archer Investment Corp lifted its holdings in IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after purchasing an additional 322 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Trading Up 2.9%

The company has a market capitalization of $20.52 billion, a price-to-earnings ratio of -11.04 and a beta of 2.59. The company’s 50 day simple moving average is $61.61 and its 200-day simple moving average is $46.88.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The firm had revenue of $39.87 million during the quarter, compared to analyst estimates of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The business’s quarterly revenue was up 221.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.24) EPS. IonQ has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

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.