IonQ (NYSE:IONQ) Shares Up 1.3% - Should You Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report) traded up 1.3% during mid-day trading on Friday . The company traded as high as $31.85 and last traded at $28.76. 15,514,681 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 15,978,971 shares. The stock had previously closed at $28.39.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IONQ. Needham & Company LLC reaffirmed a "buy" rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. The Goldman Sachs Group increased their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, January 10th. DA Davidson reduced their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Benchmark lowered their price target on shares of IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, IonQ currently has an average rating of "Moderate Buy" and an average target price of $40.80.

IonQ Stock Performance

The firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of -35.81 and a beta of 2.50. The company has a 50 day moving average price of $24.83 and a two-hundred day moving average price of $29.13.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 1,407 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the sale, the executive now directly owns 592,615 shares of the company's stock, valued at $12,563,438. This represents a 0.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William F. Scannell acquired 93,066 shares of the stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the transaction, the director now owns 135,047 shares of the company's stock, valued at approximately $2,945,375.07. This represents a 221.69 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in IonQ during the 4th quarter valued at approximately $3,840,000. Strategic Advocates LLC purchased a new stake in shares of IonQ during the fourth quarter worth approximately $863,000. New York State Common Retirement Fund lifted its holdings in shares of IonQ by 16.7% during the fourth quarter. New York State Common Retirement Fund now owns 61,481 shares of the company's stock worth $2,568,000 after purchasing an additional 8,800 shares during the period. Friedenthal Financial purchased a new position in IonQ in the 4th quarter valued at $850,000. Finally, Rhumbline Advisers increased its stake in IonQ by 9.2% in the 4th quarter. Rhumbline Advisers now owns 303,803 shares of the company's stock valued at $12,690,000 after buying an additional 25,577 shares during the period. 41.42% of the stock is 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.

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