IonQ (NYSE:IONQ) Shares Up 2.6% – Time to Buy?

IonQ, Inc. (NYSE:IONQ)’s share price rose 2.6% during trading on Wednesday . The stock traded as high as $34.29 and last traded at $34.84. Approximately 5,583,339 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 27,843,889 shares. The stock had previously closed at $33.94.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IONQ. Craig Hallum increased their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group increased their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Benchmark increased their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. DA Davidson initiated coverage on IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective for the company. Finally, Needham & Company LLC increased their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, IonQ currently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

IonQ Trading Up 3.1 %

The company has a market capitalization of $7.57 billion, a price-to-earnings ratio of -43.15 and a beta of 2.40. The business’s 50 day moving average price is $39.77 and its two-hundred day moving average price is $23.71.

Insider Activity

In related news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the transaction, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,223 shares of company stock worth $1,314,652. Insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of the company. Pathway Financial Advisers LLC bought a new position in shares of IonQ in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC raised its holdings in shares of IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. bought a new position in shares of IonQ during the fourth quarter valued at about $27,000. TD Waterhouse Canada Inc. purchased a new position in IonQ during the fourth quarter worth about $33,000. Finally, Golden State Wealth Management LLC bought a new stake in IonQ in the 4th quarter worth about $34,000. Institutional investors own 41.42% of the company’s stock.

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.