IonQ (NYSE:IONQ) Shares Up 5.7% - Still a Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price rose 5.7% during mid-day trading on Monday . The stock traded as high as $35.81 and last traded at $35.75. Approximately 9,472,959 shares changed hands during trading, a decline of 5% from the average daily volume of 9,919,846 shares. The stock had previously closed at $33.83.

Analyst Ratings Changes

Several research firms recently weighed in on IONQ. Benchmark increased their target price on shares of IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Craig Hallum boosted their price target on shares of IonQ from $15.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Finally, Needham & Company LLC raised their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, November 7th.

IonQ Stock Performance

The company has a 50-day moving average of $23.26 and a 200 day moving average of $13.15. The firm has a market cap of $9.05 billion, a P/E ratio of -51.60 and a beta of 2.49.

IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period in the previous year, the company posted ($0.22) EPS. The firm's revenue for the quarter was up 102.1% compared to the same quarter last year. Sell-side analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares of the company's stock, valued at approximately $12,319,011.99. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 9,159 shares of the company's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the transaction, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,223 shares of company stock worth $2,286,983. 11.60% of the stock is currently owned by insiders.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quest Partners LLC raised its position in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company's stock valued at $46,000 after acquiring an additional 6,368 shares during the period. nVerses Capital LLC bought a new position in IonQ during the third quarter worth about $72,000. Redwood Wealth Management Group LLC acquired a new position in IonQ in the second quarter valued at about $67,000. Impact Partnership Wealth LLC bought a new stake in shares of IonQ in the third quarter worth about $89,000. Finally, Arete Wealth Advisors LLC acquired a new stake in shares of IonQ during the third quarter worth about $91,000. Institutional investors own 41.42% of the company's stock.

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.