IonQ (NYSE:IONQ) Shares Up 1.9% – Should You Buy?

IonQ, Inc. (NYSE:IONQ) shares rose 1.9% during mid-day trading on Thursday . The stock traded as high as $31.97 and last traded at $29.40. Approximately 18,332,854 shares traded hands during trading, an increase of 108% from the average daily volume of 8,816,512 shares. The stock had previously closed at $28.86.

Analyst Ratings Changes

A number of brokerages have recently commented on IONQ. Needham & Company LLC lifted their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Benchmark lifted their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum increased their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group lowered their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th.

IonQ Stock Down 3.0 %

The company has a fifty day simple moving average of $15.21 and a 200-day simple moving average of $10.31. The firm has a market cap of $6.88 billion, a P/E ratio of -39.26 and a beta of 1.89.

IonQ (NYSE:IONQ) last announced its quarterly earnings data 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). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter last year, the firm posted ($0.22) earnings per share. The company’s revenue was up 102.1% compared to the same quarter last year. As a group, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the transaction, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. This represents a 1.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders sold 66,000 shares of company stock valued at $972,331. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quest Partners LLC grew its holdings in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of IonQ in the third quarter valued at $72,000. Redwood Wealth Management Group LLC bought a new stake in IonQ in the second quarter worth $67,000. Impact Partnership Wealth LLC bought a new position in IonQ during the third quarter valued at $89,000. Finally, Arete Wealth Advisors LLC purchased a new position in shares of IonQ in the 3rd quarter worth $91,000. Institutional investors 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.