IonQ (NYSE:IONQ) Trading Up 26.3% – Should You Buy?

IonQ, Inc. (NYSE:IONQGet Free Report)’s share price traded up 26.3% on Wednesday . The stock traded as high as $38.38 and last traded at $37.28. 36,637,886 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 47,616,500 shares. The stock had previously closed at $29.51.

Analysts Set New Price Targets

IONQ has been the subject of several research analyst reports. The Goldman Sachs Group raised their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Benchmark raised their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. DA Davidson initiated coverage on shares of IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. Craig Hallum raised their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $33.00.

View Our Latest Analysis on IONQ

IonQ Stock Performance

The stock’s 50-day simple moving average is $35.52 and its 200 day simple moving average is $18.40. The company has a market capitalization of $8.43 billion, a PE ratio of -48.09 and a beta of 2.43.

IonQ (NYSE:IONQGet Free Report) last released its quarterly earnings data 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 return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same period in the prior year, the company posted ($0.22) earnings per share. The company’s revenue was up 102.1% compared to the same quarter last year. On average, analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 22,875 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the transaction, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,098 shares of company stock valued at $1,909,323. 11.60% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Large investors have recently bought and sold shares of the business. City State Bank purchased a new stake in shares of IonQ in the fourth quarter valued at about $36,000. Versant Capital Management Inc raised its stake in IonQ by 1,348.5% during the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after acquiring an additional 890 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in IonQ during the 4th quarter worth approximately $42,000. Quest Partners LLC grew its stake in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after purchasing an additional 480 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Company Profile

(Get Free Report)

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.

Read More

Receive News & Ratings for IonQ Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IonQ and related companies with MarketBeat.com's FREE daily email newsletter.