IonQ (NYSE:IONQ) Trading Up 3.7% - Still a Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price shot up 3.7% during trading on Tuesday . The company traded as high as $9.64 and last traded at $9.41. 2,735,370 shares changed hands during trading, a decline of 53% from the average session volume of 5,861,061 shares. The stock had previously closed at $9.07.

Analyst Upgrades and Downgrades

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

IonQ Trading Up 5.3 %

The stock has a 50-day moving average price of $7.62 and a 200 day moving average price of $8.00. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of -11.34 and a beta of 2.05.

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

Institutional Investors Weigh In On IonQ

Several institutional investors have recently bought and sold shares of the company. Quest Partners LLC boosted its position in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company's stock worth $46,000 after acquiring an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of IonQ during the 2nd quarter worth approximately $67,000. Prospect Financial Services LLC purchased a new stake in shares of IonQ in the fourth quarter valued at approximately $124,000. Mosley Wealth Management acquired a new stake in shares of IonQ in the second quarter valued at approximately $81,000. Finally, QCM Cayman Ltd. purchased a new position in IonQ during the first quarter worth approximately $120,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.