IonQ (NYSE:IONQ) Trading Up 1.8% - Time to Buy?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) were up 1.8% on Wednesday . The stock traded as high as $39.05 and last traded at $38.39. Approximately 6,303,966 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 29,890,510 shares. The stock had previously closed at $37.70.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on IONQ shares. Needham & Company LLC boosted their target price on shares of IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Benchmark boosted their target price on shares of IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. DA Davidson assumed coverage on IonQ in a report on Thursday, December 19th. They issued a "buy" rating and a $50.00 price target for the company. Craig Hallum lifted their price target on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a report on Friday, December 20th. Finally, The Goldman Sachs Group lifted their price target on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and an average target price of $33.00.

IonQ Stock Performance

The firm has a market cap of $8.11 billion, a PE ratio of -46.26 and a beta of 2.40. The stock has a fifty day moving average price of $39.69 and a 200-day moving average price of $23.10.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 21,337 shares of the business's stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares in the company, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the company's stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, the chief financial officer now owns 926,114 shares of the company's stock, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IonQ

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. PDS Planning Inc boosted its holdings in IonQ by 2.6% in the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company's stock worth $494,000 after acquiring an additional 300 shares during the period. Mariner LLC boosted its holdings in IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company's stock worth $2,276,000 after acquiring an additional 350 shares during the period. Allworth Financial LP boosted its holdings in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company's stock worth $116,000 after acquiring an additional 363 shares during the period. GAMMA Investing LLC boosted its holdings in IonQ by 73.2% in the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock worth $47,000 after acquiring an additional 480 shares during the period. Finally, Smartleaf Asset Management LLC boosted its holdings in IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after acquiring an additional 501 shares during the period. Hedge funds and other institutional investors own 41.42% of the company's stock.

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.