IonQ (NYSE:IONQ) Shares Up 1.6% – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price was up 1.6% during trading on Friday . The company traded as high as $27.39 and last traded at $26.58. Approximately 12,036,308 shares traded hands during trading, an increase of 46% from the average daily volume of 8,267,759 shares. The stock had previously closed at $26.16.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on IONQ shares. The Goldman Sachs Group lowered 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. Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark raised their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum upped their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Performance

The stock’s fifty day simple moving average is $12.55 and its two-hundred day simple moving average is $9.47. The company has a market cap of $5.96 billion, a price-to-earnings ratio of -35.80 and a beta of 1.89.

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

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 66,000 shares of company stock valued at $972,331 over the last ninety days. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several hedge funds have recently modified their holdings of IONQ. HighTower Advisors LLC lifted its holdings in IonQ by 29.3% in the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after buying an additional 4,288 shares in the last quarter. Holocene Advisors LP boosted its holdings in IonQ by 50.7% in the third quarter. Holocene Advisors LP now owns 185,346 shares of the company’s stock valued at $1,620,000 after purchasing an additional 62,362 shares during the last quarter. Verition Fund Management LLC acquired a new stake in IonQ during the 3rd quarter valued at approximately $479,000. Rockefeller Capital Management L.P. increased its holdings in IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after purchasing an additional 111,435 shares during the last quarter. Finally, FMR LLC raised its position in shares of IonQ by 7.2% in the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other 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.