TLDR
- IonQ stock jumped 10.1% on Thursday, reaching $69.60 with trading volume up 57% above average
- The rally came as Rigetti Computing announced $5.7 million in purchase orders for quantum computing systems, lifting the entire quantum sector
- Analysts recently upgraded IonQ with price targets ranging from $60 to $80, maintaining mostly “Buy” ratings
- The company reported Q2 revenue of $20.69 million, up 81.6% year-over-year, though earnings missed expectations at ($0.70) per share
- Insider selling activity included CFO Thomas Kramer selling 64,578 shares and CRO Rima Alameddine selling 19,976 shares in September
IonQ stock climbed 10.1% during Thursday trading, reaching an intraday high of $69.60. The stock closed at $69.48 after previously closing at $63.09.
Trading volume spiked to 36.8 million shares. That represents a 57% increase from the average daily volume of 23.4 million shares.
The rally wasn’t happening in isolation. The entire quantum computing sector caught fire on Thursday.
Rigetti Computing kicked off the momentum earlier in the week. On September 30, Rigetti announced it secured purchase orders for two Novera quantum computing systems worth $5.7 million total.
The buyers include an Asian technology manufacturing company and a California-based applied physics and AI startup. Delivery is expected in the first half of 2026.
Rigetti’s stock hit a record intraday high of $35.81 on Thursday. The stock has gained over 4,470% in the past 12 months.
Other quantum computing stocks followed suit. D-Wave Quantum rose 12%, while Quantum Computing gained 6.2%.
IonQ now has a market cap of $20.62 billion. The stock has a beta of 2.60, reflecting its high volatility.
Analysts have been warming up to IonQ lately. Seven investment analysts have issued “Buy” ratings on the stock, while five have assigned “Hold” ratings.
Analyst Price Targets Rise
Cantor Fitzgerald raised its price target from $45 to $60 on September 15. The firm maintained its “overweight” rating.
Benchmark followed with an upgrade the next day. The firm increased its target from $55 to $75 and kept its “buy” rating.
Needham & Company made the most bullish move. The firm lifted its price target from $60 to $80 on September 15, maintaining a “buy” rating.
The average target price across all analysts now sits at $58.33. That’s below where the stock currently trades.
The company’s financials tell a mixed story. IonQ reported Q2 earnings on August 6.
Revenue came in at $20.69 million for the quarter. That beat analyst expectations of $17.23 million and marked an 81.6% increase year-over-year.
The earnings per share figure disappointed. IonQ posted a loss of $0.70 per share, missing the consensus estimate of ($0.13) by a wide margin.
The company maintains a negative net margin of 885.21%. Its return on equity stands at negative 67.11%.
Insider Activity and Institutional Changes
Company insiders have been selling shares recently. CFO Thomas Kramer sold 64,578 shares on September 3 at an average price of $41.82.
The transaction totaled $2.7 million. After the sale, Kramer owned 473,302 shares valued at roughly $19.8 million.
CRO Rima Alameddine sold 19,976 shares on September 11. The shares went for an average price of $44.40, totaling $886,934.
Following her sale, Alameddine held 532,616 shares worth about $23.6 million. Insiders have sold a total of 279,047 shares worth $12.6 million over the past 90 days.
Corporate insiders currently own 5.20% of the company’s stock.
Institutional investors have been moving in the opposite direction. Vanguard Group increased its holdings by 15.2% in Q2.
The investment giant now owns 24.7 million shares valued at $1.06 billion. JPMorgan Chase boosted its position by 648.5% in Q2, now holding 2.67 million shares worth $114.9 million.
Ameriprise Financial increased its stake by 262.8% in Q2. The firm now owns 576,391 shares valued at $24.8 million.
Amazon purchased a new position in IonQ during Q2 worth $36.7 million. Institutional investors and hedge funds now own 41.42% of the stock.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
