IonQ (NYSE:IONQ) Stock Price Up 5.6% - Should You Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shot up 5.6% during trading on Friday . The company traded as high as $22.55 and last traded at $22.32. 10,102,765 shares traded hands during trading, a decline of 30% from the average session volume of 14,525,365 shares. The stock had previously closed at $21.14.

Analysts Set New Price Targets

Several brokerages recently weighed in on IONQ. DA Davidson raised IonQ to a "strong-buy" rating in a report on Thursday, February 20th. The Goldman Sachs Group boosted their price target on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, January 10th. Craig Hallum raised their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Needham & Company LLC reissued a "buy" rating and set a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. Finally, Benchmark cut their price target on IonQ from $50.00 to $45.00 and set a "buy" rating for the company in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $44.80.

IonQ Trading Up 14.8 %

The firm has a market cap of $5.69 billion, a P/E ratio of -31.50 and a beta of 2.50. The stock's fifty day moving average is $32.43 and its two-hundred day moving average is $26.55.

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Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the sale, the executive now directly owns 592,615 shares in the company, valued at $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William F. Scannell purchased 93,066 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was bought at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the purchase, the director now 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. Over the last quarter, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

A number of hedge funds have recently made changes to their positions in IONQ. Charles Schwab Investment Management Inc. raised its position in IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company's stock valued at $14,107,000 after purchasing an additional 135,851 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of IonQ by 34.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company's stock worth $3,825,000 after purchasing an additional 111,435 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of IonQ during the 3rd quarter valued at about $1,631,000. Prospera Financial Services Inc raised its holdings in shares of IonQ by 196.1% during the 3rd quarter. Prospera Financial Services Inc now owns 38,508 shares of the company's stock valued at $337,000 after buying an additional 25,502 shares in the last quarter. Finally, State Street Corp lifted its position in IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company's stock worth $37,240,000 after buying an additional 75,596 shares during the last quarter. 41.42% of the stock is owned by 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.