IonQ (NYSE:IONQ) Trading 12.7% Higher – Should You Buy?

Shares of IonQ, Inc. (NYSE:IONQ) shot up 12.7% during mid-day trading on Friday . The stock traded as high as $37.28 and last traded at $36.29. 15,603,210 shares changed hands during mid-day trading, an increase of 68% from the average session volume of 9,260,636 shares. The stock had previously closed at $32.21.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IONQ. Benchmark boosted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group reduced their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, Craig Hallum upped their price target on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

IonQ Trading Up 13.9 %

The company has a market cap of $7.94 billion, a price-to-earnings ratio of -44.80 and a beta of 1.89. The business has a fifty day moving average of $17.10 and a two-hundred day moving average of $10.94.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) 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 firm had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same quarter last year, the firm posted ($0.22) earnings per share. IonQ’s quarterly revenue was up 102.1% on a year-over-year basis. On average, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the business’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 completion of the sale, the executive now directly owns 592,658 shares in the company, valued at approximately $10,519,679.50. The trade was a 3.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders sold 66,000 shares of company stock worth $972,331. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Large investors have recently made changes to their positions in the stock. Quest Partners LLC grew its position in shares of IonQ by 4,824.2% in the second 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 in the last quarter. nVerses Capital LLC purchased a new stake in shares of IonQ in the third quarter valued at approximately $72,000. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ in the second quarter valued at approximately $67,000. Impact Partnership Wealth LLC purchased a new stake in shares of IonQ in the third quarter valued at approximately $89,000. Finally, Arete Wealth Advisors LLC purchased a new stake in shares of IonQ in the third quarter valued at approximately $91,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.