IonQ (NYSE:IONQ) Shares Up 0.2% – Time to Buy?

IonQ, Inc. (NYSE:IONQ) shot up 0.2% during trading on Tuesday . The company traded as high as $33.29 and last traded at $32.12. 9,998,418 shares changed hands during mid-day trading, an increase of 7% from the average session volume of 9,375,728 shares. The stock had previously closed at $32.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Benchmark boosted 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. Craig Hallum increased their price target on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group reduced their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, Needham & Company LLC lifted their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Performance

The stock has a 50-day simple moving average of $17.66 and a 200 day simple moving average of $11.16. The stock has a market capitalization of $6.97 billion, a P/E ratio of -39.65 and a beta of 2.47.

IonQ (NYSE:IONQ) last posted its quarterly 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 company 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 earned ($0.22) earnings per share. The firm’s revenue for the quarter was up 102.1% on a year-over-year basis. Equities analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the transaction, the executive now owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

A number of institutional investors have recently added to or reduced their stakes in IONQ. Carnegie Investment Counsel acquired a new stake in IonQ in the 3rd quarter valued at about $5,036,000. Yong Rong HK Asset Management Ltd acquired a new stake in IonQ during the third quarter worth approximately $3,749,000. Prospera Financial Services Inc grew its stake in IonQ by 196.1% during the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock worth $337,000 after buying an additional 25,502 shares in the last quarter. Bleakley Financial Group LLC acquired a new position in IonQ during the third quarter valued at approximately $152,000. Finally, LMR Partners LLP acquired a new stake in IonQ in the third quarter valued at about $874,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.