IonQ (NYSE:IONQ) Trading 3.2% Higher – Time to Buy?

IonQ, Inc. (NYSE:IONQ)’s share price shot up 3.2% on Monday . The company traded as high as $51.44 and last traded at $49.29. 11,482,997 shares traded hands during trading, a decline of 43% from the average session volume of 20,264,691 shares. The stock had previously closed at $47.77.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on IONQ. Benchmark lifted their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum increased their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, DA Davidson started coverage on IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and a consensus target price of $28.60.

IonQ Trading Down 39.0 %

The firm has a fifty day simple moving average of $33.19 and a 200 day simple moving average of $17.27. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of -37.37 and a beta of 2.43.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the business earned ($0.22) EPS. The firm’s revenue for the quarter was up 102.1% on a year-over-year basis. On average, equities analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares in the company, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the transaction, the executive now directly owns 638,908 shares in the company, valued at approximately $7,488,001.76. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,223 shares of company stock worth $2,286,983 over the last three months. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Carnegie Investment Counsel acquired a new stake in IonQ in the 3rd quarter valued at about $5,036,000. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ in the third quarter valued at approximately $3,749,000. Main Management ETF Advisors LLC bought a new position in IonQ in the 3rd quarter worth approximately $1,865,000. Geode Capital Management LLC lifted its holdings in IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after buying an additional 199,360 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in IonQ in the 3rd quarter valued at $1,631,000. 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.