IonQ (NYSE:IONQ) Shares Up 4.6% – Still a Buy?

Shares of IonQ, Inc. (NYSE:IONQ) shot up 4.6% during mid-day trading on Friday . The stock traded as high as $32.07 and last traded at $31.38. 8,588,795 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 9,856,127 shares. The stock had previously closed at $29.99.

Analyst Ratings Changes

Several analysts recently commented on IONQ shares. Benchmark raised their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Craig Hallum lifted their target price on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC increased their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

IonQ Stock Up 12.8 %

The firm has a market capitalization of $7.32 billion, a PE ratio of -41.77 and a beta of 2.49. The stock has a 50-day moving average price of $22.61 and a 200 day moving average price of $12.88.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. IonQ’s revenue was up 102.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.22) EPS. As a group, equities analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the sale, the executive now directly owns 571,321 shares of the company’s stock, valued at $16,985,373.33. The trade was a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,223 shares of company stock worth $2,286,983 in the last 90 days. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

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