IonQ, Inc. (NYSE:IONQ) Short Interest Update

IonQ, Inc. (NYSE:IONQ) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 39,300,000 shares, a decline of 6.7% from the October 15th total of 42,140,000 shares. Based on an average daily trading volume, of 12,810,000 shares, the short-interest ratio is presently 3.1 days. Approximately 21.2% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Craig Hallum boosted their price target on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the stock 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 on the stock in a research note on Friday, August 9th. Finally, Needham & Company LLC lifted their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was 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 owns 638,908 shares of the company’s stock, valued at $7,488,001.76. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 66,000 shares of company stock valued at $972,331 over the last quarter. Insiders own 11.60% 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 company. Quest Partners LLC increased its stake in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after acquiring an additional 6,368 shares during the period. nVerses Capital LLC bought a new stake in shares of IonQ in the 3rd quarter valued at approximately $72,000. Redwood Wealth Management Group LLC bought a new stake in shares of IonQ in the 2nd quarter valued at approximately $67,000. Impact Partnership Wealth LLC bought a new stake in shares of IonQ in the 3rd quarter valued at approximately $89,000. Finally, Moors & Cabot Inc. bought a new stake in shares of IonQ in the 3rd quarter valued at approximately $92,000. 41.42% of the stock is currently owned by institutional investors.

IonQ Stock Performance

IonQ stock opened at $28.21 on Monday. IonQ has a 52 week low of $6.22 and a 52 week high of $29.48. The firm has a market capitalization of $6.04 billion, a PE ratio of -35.97 and a beta of 1.89. The business’s 50-day simple moving average is $13.00 and its 200-day simple moving average is $9.62.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the firm earned ($0.22) earnings per share. The company’s revenue was up 102.1% on a year-over-year basis. Research analysts forecast that IonQ will post -0.86 earnings per share 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.