IonQ (NYSE:IONQ) Stock Price Up 6.6% - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded up 6.6% during trading on Wednesday . The stock traded as high as $27.84 and last traded at $27.25. 7,479,359 shares were traded during mid-day trading, a decline of 53% from the average session volume of 15,864,696 shares. The stock had previously closed at $25.56.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. The Goldman Sachs Group raised their price target on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. Needham & Company LLC restated a "buy" rating and set a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. DA Davidson dropped their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Benchmark lowered their target price on shares of IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.80.

IonQ Stock Up 0.8 %

The firm has a 50-day simple moving average of $24.83 and a 200 day simple moving average of $29.13. The company has a market cap of $6.38 billion, a price-to-earnings ratio of -35.61 and a beta of 2.50.

Insider Activity

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $217,491.84. Following the transaction, the chief financial officer now directly owns 944,510 shares in the company, valued at approximately $17,539,550.70. This trade represents a 1.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 20,047 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $372,272.79. Following the completion of the transaction, the executive now directly owns 572,568 shares in the company, valued at approximately $10,632,587.76. The trade was a 3.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,033,166 shares of company stock valued at $38,059,593 in the last ninety days. 11.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of IonQ by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company's stock worth $892,797,000 after acquiring an additional 125,144 shares during the period. Geode Capital Management LLC lifted its position in IonQ by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock valued at $186,593,000 after purchasing an additional 45,942 shares during the period. JPMorgan Chase & Co. boosted its holdings in IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares in the last quarter. Northern Trust Corp increased its position in IonQ by 12.6% during the 4th quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock worth $80,809,000 after purchasing an additional 216,752 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of IonQ by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock worth $68,740,000 after buying an additional 31,638 shares in the last quarter. 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.