IonQ (NYSE:IONQ) Sees Strong Trading Volume – Time to Buy?

Shares of IonQ, Inc. (NYSE:IONQ) saw strong trading volume on Friday . 6,828,712 shares changed hands during mid-day trading, a decline of 17% from the previous session’s volume of 8,239,586 shares.The stock last traded at $25.37 and had previously closed at $26.16.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Needham & Company LLC lifted their price objective 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. Craig Hallum increased their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group decreased 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. Finally, Benchmark raised their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Performance

The firm’s fifty day simple moving average is $12.55 and its 200 day simple moving average is $9.47. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of -35.80 and a beta of 1.89.

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

Insider Activity

In related news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the transaction, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 66,000 shares of company stock worth $972,331 over the last three months. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of IonQ by 5.1% in the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after acquiring an additional 918,265 shares during the last quarter. Carnegie Investment Counsel acquired a new position in shares of IonQ during the 3rd quarter worth approximately $5,036,000. SG Americas Securities LLC raised its stake in shares of IonQ by 27.3% during the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock worth $18,661,000 after purchasing an additional 569,906 shares in the last quarter. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ in the 3rd quarter valued at approximately $3,749,000. Finally, Gagnon Securities LLC bought a new position in shares of IonQ in the first quarter valued at $2,410,000. 41.42% of the stock is 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.