IonQ (NYSE:IONQ) Trading Up 0.5% - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares rose 0.5% during mid-day trading on Friday . The stock traded as high as $41.60 and last traded at $41.77. Approximately 11,822,929 shares traded hands during trading, a decline of 75% from the average daily volume of 47,911,668 shares. The stock had previously closed at $41.55.

Analysts Set New Price Targets

Several research firms have recently commented on IONQ. The Goldman Sachs Group upped their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, January 10th. Craig Hallum lifted their price target on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a report on Friday, December 20th. DA Davidson began coverage on IonQ in a report on Thursday, December 19th. They issued a "buy" rating and a $50.00 price objective for the company. Benchmark lifted their target price on IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC increased their price target on IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $33.00.

IonQ Trading Down 6.2 %

The company has a market capitalization of $8.43 billion, a price-to-earnings ratio of -48.09 and a beta of 2.43. The firm has a 50-day moving average price of $35.80 and a 200-day moving average price of $18.70.

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

Insider Buying and Selling

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the business's stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares of the company's stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 12,000 shares of the firm's stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $15.72, for a total value of $188,640.00. Following the completion of the sale, the executive now directly owns 615,533 shares of the company's stock, valued at approximately $9,676,178.76. This trade represents a 1.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,098 shares of company stock worth $1,909,323. Corporate insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. City State Bank acquired a new stake in IonQ in the fourth quarter valued at approximately $36,000. Versant Capital Management Inc lifted its stake in shares of IonQ by 1,348.5% in the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company's stock valued at $40,000 after purchasing an additional 890 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in IonQ in the fourth quarter worth $42,000. GAMMA Investing LLC increased its position in IonQ by 73.2% during the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock worth $47,000 after buying an additional 480 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in IonQ during the third quarter valued at about $72,000. Hedge funds and other 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.