IonQ (NYSE:IONQ) Trading 2.6% Higher - Still a Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price shot up 2.6% during mid-day trading on Wednesday . The company traded as high as $34.29 and last traded at $34.84. 5,583,339 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 27,843,889 shares. The stock had previously closed at $33.94.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on IONQ. The Goldman Sachs Group boosted 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. Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a report on Friday, December 20th. Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th. DA Davidson raised IonQ to a "strong-buy" rating in a report on Thursday. Finally, Needham & Company LLC upped their price objective on IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, IonQ currently has a consensus rating of "Buy" and an average price target of $33.00.

IonQ Stock Down 6.0 %

The company has a fifty day simple moving average of $39.93 and a two-hundred day simple moving average of $23.85. The company has a market cap of $6.87 billion, a price-to-earnings ratio of -39.18 and a beta of 2.40.

Insider Activity

In related news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,223 shares of company stock worth $1,314,652 over the last three months. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several large investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of IonQ by 29.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company's stock worth $15,146,000 after purchasing an additional 82,499 shares during the period. Voloridge Investment Management LLC purchased a new position in shares of IonQ in the 4th quarter worth about $7,081,000. Virtus Fund Advisers LLC purchased a new position in shares of IonQ in the 4th quarter worth about $42,000. Virtus Investment Advisers Inc. purchased a new position in shares of IonQ in the 4th quarter worth about $209,000. Finally, Visionary Wealth Advisors purchased a new position in shares of IonQ in the 4th quarter worth about $567,000. 41.42% of the stock is currently 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.

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