IonQ (NYSE:IONQ) Stock Price Up 7.8% - Still a Buy?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) rose 7.8% on Thursday . The company traded as high as $16.14 and last traded at $15.89. Approximately 8,641,858 shares traded hands during trading, an increase of 33% from the average daily volume of 6,489,802 shares. The stock had previously closed at $14.74.

Wall Street Analysts Forecast Growth

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

IonQ Trading Up 6.4 %

The firm has a market cap of $3.32 billion, a P/E ratio of -18.86 and a beta of 2.05. The business's fifty day moving average price is $8.76 and its two-hundred day moving average price is $8.22.

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

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 11,375 shares of the business's stock in a transaction on Friday, October 18th. The shares were sold at an average price of $13.72, for a total transaction of $156,065.00. Following the completion of the transaction, the executive now owns 627,533 shares of the company's stock, valued at $8,609,752.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 31,125 shares of company stock worth $377,660. 11.60% of the stock is owned by insiders.

Institutional Trading of IonQ

Several institutional investors have recently modified their holdings of IONQ. Quest Partners LLC boosted its holdings in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company's stock valued at $46,000 after acquiring an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in shares of IonQ during the second quarter worth approximately $67,000. nVerses Capital LLC acquired a new position in IonQ in the third quarter valued at approximately $72,000. Mosley Wealth Management acquired a new position in shares of IonQ during the 2nd quarter worth about $81,000. Finally, Xponance Inc. bought a new position in shares of IonQ during the 2nd quarter valued at about $88,000. Institutional investors and hedge funds 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.