IonQ Target of Unusually Large Options Trading (NYSE:IONQ)

IonQ, Inc. (NYSE:IONQ) was the recipient of unusually large options trading on Friday. Traders acquired 42,889 call options on the stock. This represents an increase of approximately 61% compared to the average volume of 26,560 call options.

IonQ Stock Performance

Shares of NYSE:IONQ opened at $29.14 on Friday. IonQ has a 52-week low of $6.22 and a 52-week high of $29.48. The company has a market capitalization of $6.24 billion, a PE ratio of -34.52 and a beta of 1.89. The company has a fifty day moving average of $12.55 and a 200-day moving average of $9.47.

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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same quarter in the prior year, the business earned ($0.22) earnings per share. The firm’s quarterly revenue was up 102.1% on a year-over-year basis. On average, equities analysts forecast that IonQ will post -0.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IONQ. Benchmark raised their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum lifted their price target on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group dropped their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, Needham & Company LLC lifted their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the sale, the executive now directly owns 638,908 shares in the company, valued at approximately $7,488,001.76. The trade was a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 66,000 shares of company stock worth $972,331 in the last 90 days. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

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