IonQ (NYSE:IONQ) Reaches New 12-Month High - Still a Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $15.86 and last traded at $15.49, with a volume of 7807381 shares. The stock had previously closed at $15.01.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of IonQ from $11.50 to $8.00 and set a "neutral" rating for the company in a research note on Friday, August 9th. Benchmark dropped their price target on shares of IonQ from $16.00 to $12.00 and set a "buy" rating for the company in a research report on Monday, August 12th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price target on shares of IonQ in a research note on Wednesday, October 2nd. Finally, Craig Hallum cut their price target on shares of IonQ from $21.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, IonQ currently has an average rating of "Moderate Buy" and a consensus price target of $12.00.

IonQ Stock Down 1.7 %

The business's 50 day simple moving average is $8.76 and its 200 day simple moving average is $8.22. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of -17.77 and a beta of 2.05.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.04. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The business had revenue of $11.38 million for the quarter, compared to analysts' expectations of $8.66 million. During the same quarter in the prior year, the business earned ($0.16) EPS. The firm's revenue for the quarter was up 106.4% on a year-over-year basis. Equities research analysts forecast that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the firm's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total value of $115,735.00. Following the sale, the executive now directly owns 638,908 shares in the company, valued at approximately $7,488,001.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 31,125 shares of company stock valued at $377,660. Company insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently made changes to their positions in IONQ. SG Americas Securities LLC boosted its position in shares of IonQ by 1,598.7% during the 1st quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company's stock valued at $20,825,000 after purchasing an additional 1,961,909 shares in the last quarter. Vanguard Group Inc. grew its position in shares of IonQ by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company's stock worth $188,062,000 after buying an additional 918,265 shares during the period. Carnegie Investment Counsel bought a new stake in shares of IonQ in the 3rd quarter valued at $5,036,000. Gagnon Securities LLC acquired a new position in shares of IonQ during the 1st quarter valued at $2,410,000. Finally, Hussman Strategic Advisors Inc. boosted its stake in IonQ by 126.7% during the first quarter. Hussman Strategic Advisors Inc. now owns 357,000 shares of the company's stock worth $3,566,000 after acquiring an additional 199,500 shares in 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.