IonQ (NYSE:IONQ) Trading 6.2% Higher – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s share price shot up 6.2% on Monday . The stock traded as high as $33.63 and last traded at $33.1480. 19,033,569 shares changed hands during mid-day trading, a decline of 12% from the average session volume of 21,537,008 shares. The stock had previously closed at $31.20.

Wall Street Analyst Weigh In

IONQ has been the topic of several research reports. JPMorgan Chase & Co. dropped their price target on shares of IonQ from $47.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, February 26th. Needham & Company LLC lowered their price objective on shares of IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. DA Davidson dropped their target price on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 26th. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of IonQ in a report on Thursday, February 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a research report on Thursday, January 22nd. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.45.

IonQ Stock Performance

The stock has a 50 day moving average of $37.72 and a two-hundred day moving average of $49.65. The stock has a market cap of $11.71 billion, a PE ratio of -12.83 and a beta of 2.61.

Insider Activity

In related news, insider John W. Raymond sold 2,800 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the sale, the insider owned 83,963 shares in the company, valued at approximately $2,799,326.42. This represents a 3.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert T. Cardillo sold 5,165 shares of IonQ stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total transaction of $203,707.60. Following the transaction, the insider owned 112,291 shares in the company, valued at approximately $4,428,757.04. The trade was a 4.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,581 shares of company stock worth $316,156 over the last 90 days. 5.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in IonQ by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock valued at $1,560,343,000 after acquiring an additional 5,420,037 shares in the last quarter. Norges Bank purchased a new stake in shares of IonQ in the fourth quarter worth approximately $199,753,000. Marex Group plc lifted its position in shares of IonQ by 419.1% in the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after purchasing an additional 3,296,866 shares in the last quarter. State Street Corp boosted its holdings in shares of IonQ by 42.3% during the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after purchasing an additional 2,663,230 shares during the period. Finally, JPMorgan Chase & Co. grew its position in IonQ by 648.5% during the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock valued at $114,917,000 after purchasing an additional 2,317,058 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

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. 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.