IonQ (NYSE:IONQ) Trading 5.8% Higher – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s share price traded up 5.8% during mid-day trading on Friday . The company traded as high as $38.42 and last traded at $38.03. 10,248,959 shares were traded during mid-day trading, an increase of 8% from the average session volume of 9,533,245 shares. The stock had previously closed at $35.95.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Benchmark raised their target price on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Craig Hallum raised their target price on shares of IonQ from $15.00 to $22.00 and gave the company 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 company a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Up 3.7 %

The stock has a market cap of $8.06 billion, a P/E ratio of -46.95 and a beta of 2.49. The firm’s fifty day moving average price is $19.71 and its 200-day moving average price is $11.82.

IonQ (NYSE:IONQ) last issued its earnings results 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 firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the business posted ($0.22) EPS. The firm’s revenue for the quarter was up 102.1% on a year-over-year basis. Sell-side analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was 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 $6,954,953.76. This trade represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 66,000 shares of company stock worth $972,331. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several large investors have recently modified their holdings of IONQ. Carnegie Investment Counsel purchased a new position in shares of IonQ in the 3rd quarter worth about $5,036,000. SG Americas Securities LLC increased its holdings in IonQ by 27.3% in the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock worth $18,661,000 after buying an additional 569,906 shares in the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in IonQ in the 3rd quarter worth about $3,749,000. Main Management ETF Advisors LLC bought a new stake in IonQ in the 3rd quarter worth about $1,865,000. Finally, Geode Capital Management LLC increased its holdings in IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after buying an additional 199,360 shares in the last quarter. Hedge funds and other 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.