IonQ (NYSE:IONQ) Trading Up 7.4% - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price traded up 7.4% during mid-day trading on Thursday . The stock traded as high as $29.58 and last traded at $28.77. 10,052,019 shares were traded during mid-day trading, a decline of 37% from the average session volume of 15,906,103 shares. The stock had previously closed at $26.80.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IONQ. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. Benchmark reduced their price objective on IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday. The Goldman Sachs Group raised their price target on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. Finally, DA Davidson reduced 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 assigned a buy rating to the stock. According to MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and an average price target of $40.80.

IonQ Stock Performance

The business's 50-day moving average is $24.73 and its 200-day moving average is $29.26. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of -35.72 and a beta of 2.50.

Insider Activity at IonQ

In other news, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the transaction, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. The trade was a 1.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William F. Scannell purchased 93,066 shares of IonQ stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the acquisition, the director now directly owns 135,047 shares of the company's stock, valued at approximately $2,945,375.07. This trade represents 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 valued at $38,059,593 over the last ninety days. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

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.