IonQ (NYSE:IONQ) Trading 5.1% Higher – Should You Buy?

IonQ, Inc. (NYSE:IONQ) shares traded up 5.1% on Wednesday . The company traded as high as $34.85 and last traded at $34.47. 8,342,864 shares traded hands during trading, a decline of 11% from the average session volume of 9,417,471 shares. The stock had previously closed at $32.79.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Benchmark raised their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group dropped their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Craig Hallum raised their price objective on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

IonQ Price Performance

The stock’s 50-day moving average is $18.64 and its 200-day moving average is $11.50. The stock has a market cap of $7.23 billion, a price-to-earnings ratio of -42.56 and a beta of 2.49.

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

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the sale, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. The trade was a 1.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 66,000 shares of company stock worth $972,331 in the last quarter. 11.60% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Arete Wealth Advisors LLC bought a new stake in shares of IonQ during the 3rd quarter valued at about $91,000. Geode Capital Management LLC grew its position in shares of IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after buying an additional 199,360 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of IonQ during the 3rd quarter valued at about $1,631,000. Main Management ETF Advisors LLC bought a new stake in shares of IonQ during the 3rd quarter valued at about $1,865,000. Finally, Zacks Investment Management grew its position in shares of IonQ by 10.0% during the 3rd quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock valued at $1,352,000 after buying an additional 14,072 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

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.