IonQ (NYSE:IONQ) Shares Up 8% - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shot up 8% on Tuesday . The stock traded as high as $15.55 and last traded at $15.52. 5,337,840 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 7,099,284 shares. The stock had previously closed at $14.37.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IONQ. Craig Hallum lowered their target price on shares of IonQ from $21.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. Needham & Company LLC restated a "buy" rating and issued a $13.00 target price on shares of IonQ in a research note on Wednesday, October 2nd. Benchmark decreased their price target on shares of IonQ from $16.00 to $12.00 and set a "buy" rating for the company in a research note on Monday, August 12th. Finally, The Goldman Sachs Group reduced their price objective on IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a report on Friday, August 9th.

IonQ Trading Up 7.0 %

The stock has a market cap of $3.29 billion, a PE ratio of -19.46 and a beta of 1.89. The firm's 50-day moving average price is $10.30 and its two-hundred day moving average price is $8.74.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.04. The business had revenue of $11.38 million for the quarter, compared to analysts' expectations of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The business's revenue for the quarter was up 106.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.16) EPS. On average, analysts anticipate that IonQ, Inc. will post -0.84 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total value of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares of the company's stock, valued at approximately $7,488,001.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Quest Partners LLC boosted its holdings in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company's stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of IonQ in the third quarter worth about $72,000. Redwood Wealth Management Group LLC acquired a new stake in IonQ during the second quarter worth about $67,000. Impact Partnership Wealth LLC purchased a new position in IonQ during the third quarter valued at approximately $89,000. Finally, Mosley Wealth Management acquired a new position in IonQ in the second quarter valued at approximately $81,000. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Company Profile

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.