IonQ (NYSE:IONQ) Trading 5.1% Higher - Still a Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price rose 5.1% on Friday . The company traded as high as $25.87 and last traded at $25.81. Approximately 10,111,365 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 15,798,218 shares. The stock had previously closed at $24.57.

Analysts Set New Price Targets

A number of brokerages have commented on IONQ. The Goldman Sachs Group increased their target price on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. Benchmark reaffirmed a "buy" rating and set a $45.00 target price on shares of IonQ in a research note on Monday, March 31st. Needham & Company LLC reissued a "buy" rating and issued a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. Finally, DA Davidson dropped their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, IonQ currently has an average rating of "Moderate Buy" and an average target price of $41.80.

IonQ Stock Up 5.1 %

The company's 50-day moving average is $25.76 and its 200-day moving average is $28.79. The stock has a market capitalization of $5.75 billion, a price-to-earnings ratio of -31.87 and a beta of 2.50.

Insider Transactions at IonQ

In other IonQ news, insider Peter Hume Chapman sold 2,000,000 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the transaction, the insider now owns 414,363 shares of the company's stock, valued at $7,756,875.36. This represents a 82.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William F. Scannell purchased 93,066 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were bought at an average price 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. The trade was a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 2,033,166 shares of company stock worth $38,059,593 in the last 90 days. Insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp boosted its holdings in IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company's stock valued at $37,240,000 after purchasing an additional 75,596 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of IonQ during the fourth quarter worth approximately $3,840,000. Strategic Advocates LLC purchased a new position in IonQ in the fourth quarter worth approximately $863,000. Geode Capital Management LLC grew its holdings in IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company's stock worth $38,640,000 after acquiring an additional 199,360 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in IonQ by 16.7% in the fourth quarter. New York State Common Retirement Fund now owns 61,481 shares of the company's stock valued at $2,568,000 after buying an additional 8,800 shares during the last quarter. Hedge funds and other institutional investors 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.