IonQ (NYSE:IONQ) Trading Up 3.5% – Time to Buy?

IonQ, Inc. (NYSE:IONQ)’s share price shot up 3.5% on Wednesday . The stock traded as high as $17.49 and last traded at $17.33. 12,933,115 shares changed hands during mid-day trading, an increase of 87% from the average session volume of 6,916,090 shares. The stock had previously closed at $16.74.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IONQ. Needham & Company LLC reissued a “buy” rating and set a $13.00 target price on shares of IonQ in a research note on Wednesday, October 2nd. Craig Hallum reduced their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. The Goldman Sachs Group lowered their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Finally, Benchmark reduced their price target 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.

IonQ Trading Up 1.1 %

The company has a 50 day moving average of $9.85 and a 200-day moving average of $8.57.

IonQ (NYSE:IONQ) last issued 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 business had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business’s quarterly revenue was up 106.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) earnings per share. Analysts forecast that IonQ, Inc. will post -0.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the transaction, the executive now directly owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 66,000 shares of company stock worth $972,331 over the last 90 days. Corporate insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quest Partners LLC raised its position in shares of IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new stake in IonQ during the second quarter worth approximately $67,000. nVerses Capital LLC purchased a new stake in shares of IonQ during the 3rd quarter worth approximately $72,000. Mosley Wealth Management acquired a new position in shares of IonQ in the 2nd quarter valued at $81,000. Finally, Xponance Inc. purchased a new position in shares of IonQ in the 2nd quarter valued at $88,000. 41.42% of the stock is 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.