IonQ (NYSE:IONQ) Trading Up 6.5% - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was up 6.5% on Wednesday . The company traded as high as $16.13 and last traded at $15.98. Approximately 12,611,358 shares changed hands during mid-day trading, an increase of 98% from the average daily volume of 6,383,259 shares. The stock had previously closed at $15.01.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 target price on shares of IonQ in a report on Wednesday, October 2nd. Benchmark decreased their price objective on IonQ from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 12th. The Goldman Sachs Group dropped their price target on shares of IonQ from $11.50 to $8.00 and set a "neutral" rating for the company in a research report on Friday, August 9th. Finally, Craig Hallum lowered their target price 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. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, IonQ presently has an average rating of "Moderate Buy" and a consensus price target of $12.00.

IonQ Price Performance

The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of -17.77 and a beta of 2.05. The firm has a 50-day moving average price of $8.76 and a two-hundred day moving average price of $8.22.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping analysts' consensus estimates of ($0.22) by $0.04. The business had revenue of $11.38 million during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter last year, the company posted ($0.16) earnings per share. On average, equities analysts predict that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 11,375 shares of the company's stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $13.72, for a total value of $156,065.00. Following the transaction, the executive now directly owns 627,533 shares in the company, valued at approximately $8,609,752.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 31,125 shares of company stock valued at $377,660 in the last three months. 11.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in IonQ by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company's stock worth $221,864,000 after purchasing an additional 193,924 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of IonQ by 283.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company's stock valued at $1,121,000 after acquiring an additional 82,891 shares in the last quarter. StoneX Group Inc. bought a new stake in IonQ during the 1st quarter worth $420,000. Hussman Strategic Advisors Inc. increased its holdings in IonQ by 126.7% in the 1st quarter. Hussman Strategic Advisors Inc. now owns 357,000 shares of the company's stock worth $3,566,000 after purchasing an additional 199,500 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in IonQ by 1,598.7% in the first 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 during the last quarter. 41.42% of the stock is currently owned by 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.