IonQ (NYSE:IONQ) Sets New 52-Week High - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $26.52 and last traded at $26.29, with a volume of 8297242 shares trading hands. The stock had previously closed at $23.01.

Analyst Ratings Changes

IONQ has been the topic of a number of research reports. The Goldman Sachs Group dropped their target price on shares of IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a report on Friday, August 9th. Craig Hallum increased their target price on shares of IonQ from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Benchmark raised their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC raised their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th.

IonQ Trading Up 16.3 %

The firm's 50-day moving average is $11.77 and its two-hundred day moving average is $9.23.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly 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 net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same quarter last year, the business earned ($0.22) EPS. The company's revenue for the quarter was up 102.1% on a year-over-year basis. On average, equities analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 66,000 shares of company stock worth $972,331. Insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently modified their holdings of IONQ. Vanguard Group Inc. grew its position in shares of IonQ by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company's stock valued at $188,062,000 after purchasing an additional 918,265 shares during the period. Carnegie Investment Counsel acquired a new position in IonQ in the 3rd quarter valued at $5,036,000. SG Americas Securities LLC grew its holdings in shares of IonQ by 27.3% during the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company's stock worth $18,661,000 after purchasing an additional 569,906 shares in the last quarter. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ during the 3rd quarter worth $3,749,000. Finally, Gagnon Securities LLC acquired a new stake in shares of IonQ during the 1st quarter worth $2,410,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

About IonQ

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.