IonQ (NYSE:IONQ) Sees Unusually-High Trading Volume – Should You Buy?

IonQ, Inc. (NYSE:IONQ) shares saw an uptick in trading volume on Wednesday . 10,906,042 shares were traded during trading, an increase of 19% from the previous session’s volume of 9,156,572 shares.The stock last traded at $29.19 and had previously closed at $30.65.

Analyst Ratings Changes

IONQ has been the topic of a number of recent research reports. Craig Hallum boosted their price target on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC increased their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group dropped their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Price Performance

The company has a 50-day moving average price of $16.12 and a two-hundred day moving average price of $10.64. The company has a market cap of $6.63 billion, a PE ratio of -37.64 and a beta of 1.89.

IonQ (NYSE:IONQ) last issued 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). The business had revenue of $12.40 million during 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%. The company’s revenue for the quarter was up 102.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.22) EPS. On average, equities research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now directly owns 648,783 shares in the company, valued at approximately $6,954,953.76. This represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 66,000 shares of company stock worth $972,331 over the last quarter. 11.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IONQ. Vanguard Group Inc. grew its holdings in IonQ by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock worth $188,062,000 after buying an additional 918,265 shares in the last quarter. Bayesian Capital Management LP bought a new stake in shares of IonQ during the 1st quarter worth $226,000. B. Riley Wealth Advisors Inc. boosted its stake in shares of IonQ by 234.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 41,375 shares of the company’s stock worth $413,000 after acquiring an additional 29,000 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of IonQ by 6.9% during the 1st quarter. California State Teachers Retirement System now owns 172,959 shares of the company’s stock worth $1,728,000 after acquiring an additional 11,150 shares in the last quarter. Finally, Virtu Financial LLC boosted its stake in shares of IonQ by 22.5% during the 1st quarter. Virtu Financial LLC now owns 54,755 shares of the company’s stock worth $547,000 after acquiring an additional 10,074 shares in the last quarter. 41.42% of the stock is owned by institutional investors.

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.