IonQ (NYSE:IONQ) Shares Up 1.9% – Time to Buy?

Shares of IonQ, Inc. (NYSE:IONQ) were up 1.9% on Thursday . The stock traded as high as $31.97 and last traded at $29.40. Approximately 18,332,854 shares changed hands during mid-day trading, an increase of 108% from the average daily volume of 8,816,512 shares. The stock had previously closed at $28.86.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IONQ. Needham & Company LLC upped their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group cut their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Benchmark upped their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report 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 report on Thursday, November 7th.

IonQ Stock Up 10.9 %

The company has a market capitalization of $6.93 billion, a PE ratio of -36.30 and a beta of 1.89. The business’s 50 day simple moving average is $14.22 and its 200 day simple moving average is $10.00.

IonQ (NYSE:IONQ) last issued its 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 business 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%. IonQ’s revenue for the quarter was up 102.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.22) EPS. On average, analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was 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 owns 648,783 shares of the company’s stock, valued at $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 66,000 shares of company stock worth $972,331 in the last 90 days. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Hedge funds have recently modified their holdings of the business. Quest Partners LLC lifted its position in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares during the period. Redwood Wealth Management Group LLC bought a new position in IonQ during the 2nd quarter valued at about $67,000. nVerses Capital LLC acquired a new position in IonQ in the third quarter valued at about $72,000. Mosley Wealth Management bought a new stake in IonQ during the second quarter worth about $81,000. Finally, Xponance Inc. acquired a new stake in shares of IonQ during the second quarter worth approximately $88,000. 41.42% of the stock is owned by institutional investors.

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.