IonQ (NYSE:IONQ) Stock Price Up 14% - Should You Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price shot up 14% on Wednesday . The stock traded as high as $26.52 and last traded at $26.22. 17,090,359 shares traded hands during mid-day trading, an increase of 113% from the average session volume of 8,018,491 shares. The stock had previously closed at $23.01.

Analyst Ratings Changes

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

IonQ Stock Up 14.1 %

The stock has a 50 day simple moving average of $11.77 and a 200-day simple moving average of $9.23.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the firm posted ($0.22) EPS. The company's revenue for the quarter was up 102.1% on a year-over-year basis. On average, sell-side analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity

In other news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now owns 592,658 shares of the company's stock, valued at approximately $10,519,679.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by insiders.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Carnegie Investment Counsel bought a new position in shares of IonQ during the third quarter valued at approximately $5,036,000. Yong Rong HK Asset Management Ltd purchased a new stake in IonQ in the third quarter worth $3,749,000. Bleakley Financial Group LLC purchased a new stake in IonQ in the third quarter worth $152,000. Oppenheimer & Co. Inc. lifted its position in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company's stock worth $365,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of IonQ during the first quarter valued at $185,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.