IonQ (NYSE:IONQ) Stock Price Up 3% – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s share price rose 3% during mid-day trading on Friday . The stock traded as high as $15.48 and last traded at $15.48. Approximately 5,236,260 shares changed hands during trading, a decline of 26% from the average daily volume of 7,032,425 shares. The stock had previously closed at $15.03.

Analysts Set New Price Targets

IONQ has been the subject of several recent research reports. The Goldman Sachs Group decreased their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Craig Hallum reduced their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Needham & Company LLC restated a “buy” rating and issued a $13.00 price objective on shares of IonQ in a research note on Wednesday, October 2nd. Finally, Benchmark reduced their price objective on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 12th.

IonQ Trading Down 1.0 %

The business has a fifty day moving average of $9.85 and a 200-day moving average of $8.57. The firm has a market cap of $3.19 billion, a PE ratio of -19.10 and a beta of 2.05.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The firm had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. During the same quarter last year, the firm posted ($0.16) EPS. The company’s revenue was up 106.4% compared to the same quarter last year. On average, equities analysts forecast that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the sale, the executive now owns 638,908 shares of the company’s stock, valued at $7,488,001.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 66,000 shares of company stock valued at $972,331 in the last 90 days. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently modified their holdings of IONQ. Janney Montgomery Scott LLC increased its position in shares of IonQ by 283.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company’s stock valued at $1,121,000 after purchasing an additional 82,891 shares during the last quarter. StoneX Group Inc. bought a new position in IonQ during the 1st quarter worth approximately $420,000. Hussman Strategic Advisors Inc. grew its position in IonQ by 126.7% during the 1st quarter. Hussman Strategic Advisors Inc. now owns 357,000 shares of the company’s stock worth $3,566,000 after acquiring an additional 199,500 shares during the last quarter. SG Americas Securities LLC grew its position in IonQ by 1,598.7% during the 1st quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock worth $20,825,000 after acquiring an additional 1,961,909 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its position in IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after acquiring an additional 1,400 shares during the last quarter. 41.42% of the stock is currently owned by 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.