IonQ (NYSE:IONQ) Share Price Up 1.6% – What’s Next?

IonQ, Inc. (NYSE:IONQ – Get Your Free Report ) was up 1.6% during mid-day trading on Friday. The company traded as high as $9.49 and last traded at $9.40. About 3,556,796 shares were traded during the trading session, down 39% from the average daily volume of 5,840,442 shares. Shares previously closed at $9.25.

Analysts on Wall Street are forecasting an increase

A number of analysts recently issued reports on IONQ shares. Benchmark cut their target price on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Craig Hallum decreased their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Needham & Company LLC restated a “buy” rating and set a $13.00 price objective on shares of IonQ in a research report on Wednesday. Finally, Goldman Sachs Group decreased their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th . Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Moderate Buy” and a consensus price target of $12.00, according to MarketBeat.

Check out our latest review of IonQ

IonQ Stock Up 2.4%

The stock’s 50-day simple moving average is $7.57, and its two-hundred-day simple moving average is $8.03. The company has a market cap of $2.00 billion, a price-to-earnings ratio of -11.33 and a beta of 2.05.

IonQ (NYSE:IONQ – Get Free Report ) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.04. The firm had revenue of $11.38 million for the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The company’s revenue for the quarter was up 106.4% year over year. During the same period last year, the company posted ($0.16) earnings per share. On average, sell-side analysts forecast that IonQ, Inc. will post -0.84 EPS for the current year.

Hedge funds influence IonQ

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Morgens Waterfall Vintiadis & Co. Inc. purchased a new position in IonQ in the fourth quarter worth about $1,858,000. Oppenheimer & Co. Inc. raised its stake in IonQ by 4.0% in the first 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 period. Gamco Investors INC. ET AL purchased a new position in IonQ in the first quarter worth approximately $185,000. Vanguard Group Inc. boosted its stake in IonQ by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock valued at $221,864,000 after acquiring an additional 193,924 shares during the period. Finally, Swiss National Bank boosted its stake in IonQ by 14.8% in the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock worth $3,433,000 after purchasing an additional 44,200 shares during the last quarter. 41.42% of the shares are held by hedge funds and other institutional investors.

IonQ Company Profile

(Get a free report)

IonQ, Inc is engaged 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 accesses 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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