IonQ (NYSE:IONQ) Shares Up 2.7% - Time to Buy?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) rose 2.7% during trading on Tuesday . The stock traded as high as $24.75 and last traded at $24.67. Approximately 2,951,604 shares changed hands during trading, a decline of 81% from the average daily volume of 15,823,276 shares. The stock had previously closed at $24.03.

Wall Street Analyst Weigh In

IONQ has been the topic of a number of analyst reports. Benchmark decreased their target price on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. DA Davidson dropped their target price on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, The Goldman Sachs Group lifted their price target on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $40.80.

IonQ Trading Up 1.9 %

The business has a fifty day moving average of $24.73 and a 200-day moving average of $29.26. The company has a market cap of $6.45 billion, a PE ratio of -35.72 and a beta of 2.50.

Insider Activity

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the transaction, the insider now owns 414,363 shares of the company's stock, valued at approximately $7,756,875.36. This represents a 82.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William F. Scannell purchased 93,066 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares of the company's stock, valued at $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 three months, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On IonQ

A number of institutional investors have recently added to or reduced their stakes in IONQ. JPMorgan Chase & Co. grew its position in shares of IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after buying an additional 2,293,231 shares during the period. Chevy Chase Trust Holdings LLC purchased a new stake in IonQ in the fourth quarter worth about $32,060,000. Ameriprise Financial Inc. purchased a new stake in IonQ in the fourth quarter worth about $29,519,000. Arrowstreet Capital Limited Partnership bought a new position in shares of IonQ during the fourth quarter valued at approximately $29,513,000. Finally, Invesco Ltd. lifted its holdings in shares of IonQ by 439.3% during the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company's stock valued at $35,800,000 after purchasing an additional 698,146 shares during the last quarter. 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.