IonQ (NYSE:IONQ) Trading 2% Higher – Still a Buy?

IonQ, Inc. (NYSE:IONQ) shares rose 2% on Tuesday . The company traded as high as $25.44 and last traded at $23.99. Approximately 15,634,603 shares traded hands during mid-day trading, an increase of 97% from the average daily volume of 7,920,517 shares. The stock had previously closed at $23.52.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Benchmark increased their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note 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 research report on Friday, August 9th. Needham & Company LLC lifted their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Craig Hallum upped their price target on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

IonQ Stock Down 2.2 %

The business’s 50-day moving average is $11.45 and its two-hundred day moving average is $9.13. The company has a market capitalization of $4.92 billion, a P/E ratio of -29.62 and a beta of 1.89.

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

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the sale, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders have sold 66,000 shares of company stock valued at $972,331. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of IonQ by 5.1% during the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after buying an additional 918,265 shares during the last quarter. Carnegie Investment Counsel bought a new position in shares of IonQ during the 3rd quarter valued at approximately $5,036,000. SG Americas Securities LLC raised its position 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 valued at $18,661,000 after purchasing an additional 569,906 shares during the period. Yong Rong HK Asset Management Ltd bought a new position in shares of IonQ in the third quarter worth about $3,749,000. Finally, Gagnon Securities LLC purchased a new stake in IonQ during the 1st quarter valued at approximately $2,410,000. Hedge funds and other 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.