IonQ (NYSE:IONQ) Trading 8.3% Higher - Should You Buy?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) shot up 8.3% during trading on Monday . The company traded as high as $24.00 and last traded at $22.40. 14,780,361 shares changed hands during trading, a decline of 4% from the average session volume of 15,372,879 shares. The stock had previously closed at $20.68.

Analyst Upgrades and Downgrades

IONQ has been the topic of several research analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. The Goldman Sachs Group increased 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. Benchmark restated a "buy" rating and set a $45.00 price objective on shares of IonQ in a report on Monday, March 31st. Craig Hallum upped their target price on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Finally, DA Davidson raised IonQ to a "strong-buy" rating in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $44.80.

IonQ Trading Up 0.9 %

The stock's 50-day simple moving average is $27.60 and its 200-day simple moving average is $28.09. The stock has a market cap of $5.82 billion, a price-to-earnings ratio of -31.98 and a beta of 2.50.

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Insider Buying and Selling

In other IonQ news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares in the company, valued at $7,756,875.36. This represents a 82.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William F. Scannell bought 93,066 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the acquisition, the director now owns 135,047 shares in the company, 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 have sold 2,033,166 shares of company stock valued at $38,059,593 over the last 90 days. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its position in shares of IonQ by 1,310.9% during 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 last quarter. Chevy Chase Trust Holdings LLC bought a new position in shares of IonQ in the fourth quarter worth about $32,060,000. Ameriprise Financial Inc. bought a new position in shares of IonQ in the fourth quarter worth about $29,519,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of IonQ in the 4th quarter valued at approximately $29,513,000. Finally, Invesco Ltd. grew its holdings in shares of IonQ by 439.3% during the 4th 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 and hedge funds 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.