IonQ (NYSE:IONQ) Stock Price Up 3.9% – Time to Buy?

Shares of IonQ, Inc. (NYSE:IONQ) shot up 3.9% on Thursday . The stock traded as high as $39.78 and last traded at $39.12. 13,720,130 shares changed hands during trading, a decline of 44% from the average session volume of 24,671,969 shares. The stock had previously closed at $37.64.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of research analyst reports. Northland Securities boosted their target price on IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. lifted their price objective on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Benchmark reiterated a “buy” rating and issued a $60.00 price objective on shares of IonQ in a research report on Thursday, August 6th. Wedbush assumed coverage on shares of IonQ in a report on Monday, August 3rd. They set an “outperform” rating and a $75.00 target price on the stock. Finally, Wall Street Zen lowered shares of IonQ from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Nine investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $69.92.

IonQ Stock Up 3.9%

The stock has a fifty day moving average of $41.66 and a 200-day moving average of $43.52. The firm has a market capitalization of $14.90 billion, a P/E ratio of -8.39 and a beta of 3.30.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.23. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The firm had revenue of $80.05 million for the quarter, compared to analysts’ expectations of $66.47 million. During the same quarter in the previous year, the business posted ($0.70) EPS. The business’s quarterly revenue was up 286.7% compared to the same quarter last year. Sell-side analysts predict that IonQ, Inc. will post -2.86 EPS for the current fiscal year.

Insider Activity

In related news, insider John Raymond sold 3,815 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the transaction, the insider owned 80,148 shares in the company, valued at approximately $4,408,941.48. This represents a 4.54% 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. Also, Director Gabrielle Toledano sold 2,757 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the sale, the director directly owned 11,154 shares in the company, valued at $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 9,329 shares of company stock worth $513,216 over the last ninety days. Insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Archer Investment Corp acquired a new position in shares of IonQ during the 2nd quarter worth approximately $25,000. Accent Capital Management LLC increased its position in IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after buying an additional 371 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after buying an additional 656 shares during the period. PeakShares LLC acquired a new stake in shares of IonQ in the first quarter valued at approximately $29,000. Finally, EFG International AG acquired a new stake in shares of IonQ in the second quarter valued at approximately $30,000. 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.