IonQ (NYSE:IONQ) Trading Up 2.3% - Still a Buy?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) were up 2.3% on Thursday . The company traded as high as $25.56 and last traded at $25.13. Approximately 3,670,800 shares were traded during trading, a decline of 77% from the average daily volume of 15,727,540 shares. The stock had previously closed at $24.57.

Analysts Set New Price Targets

Several research analysts have commented on IONQ shares. Benchmark reissued a "buy" rating and issued a $45.00 price target on shares of IonQ in a report on Monday, March 31st. Craig Hallum lifted their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. 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. DA Davidson cut their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, The Goldman Sachs Group lifted their price objective on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, IonQ presently has a consensus rating of "Moderate Buy" and an average target price of $41.80.

IonQ Trading Up 5.1 %

The company's 50 day simple moving average is $25.76 and its 200-day simple moving average is $28.66. The firm has a market cap of $5.75 billion, a P/E ratio of -31.87 and a beta of 2.50.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 20,047 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $372,272.79. Following the sale, the executive now directly owns 572,568 shares of the company's stock, valued at $10,632,587.76. This represents a 3.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William F. Scannell acquired 93,066 shares of the company's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the purchase, the director now directly owns 135,047 shares in the company, valued at approximately $2,945,375.07. This represents a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have 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

A number of hedge funds have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC purchased a new stake in shares of IonQ during the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC grew its stake in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after buying an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ during the fourth quarter valued at about $27,000. TD Waterhouse Canada Inc. acquired a new stake in IonQ in the 4th quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new position in IonQ during the 4th quarter valued at approximately $34,000. 41.42% of the stock is currently owned by institutional investors.

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.