IonQ (NYSE:IONQ) Trading 12.5% Higher – Should You Buy?

IonQ, Inc. (NYSE:IONQ) was up 12.5% during mid-day trading on Monday . The company traded as high as $47.34 and last traded at $46.92. Approximately 39,838,850 shares traded hands during trading, an increase of 61% from the average daily volume of 24,701,639 shares. The stock had previously closed at $41.71.

Analyst Upgrades and Downgrades

Several research firms recently commented on IONQ. Wolfe Research began coverage on shares of IonQ in a research note on Wednesday, July 30th. They set a “peer perform” rating on the stock. Benchmark lifted their target price on shares of IonQ from $55.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Cantor Fitzgerald upped their price target on IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. started coverage on IonQ in a report on Thursday. They issued a “neutral” rating and a $47.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $66.00.

IonQ Stock Up 12.5%

The stock has a market cap of $16.30 billion, a PE ratio of -8.77 and a beta of 2.59. The stock’s fifty day moving average price is $62.13 and its 200 day moving average price is $48.63.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The firm had revenue of $39.87 million during the quarter, compared to analysts’ expectations of $26.99 million. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. IonQ’s revenue was up 221.5% on a year-over-year basis. IonQ has set its FY 2025 guidance at EPS. On average, equities research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity at IonQ

In other news, CEO Masi Niccolo De sold 16,120 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $715,728.00. Following the sale, the chief executive officer owned 1,181,186 shares of the company’s stock, valued at $52,444,658.40. This trade represents a 1.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William J. Teuber, Jr. acquired 2,000 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were bought at an average cost of $54.81 per share, with a total value of $109,620.00. Following the completion of the acquisition, the director directly owned 6,413 shares of the company’s stock, valued at $351,496.53. The trade was a 45.32% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 213,622 shares of company stock valued at $9,620,896 over the last three months. 5.20% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in IONQ. Archer Investment Corp lifted its holdings in shares of IonQ by 119.3% during the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after buying an additional 322 shares during the period. Stone House Investment Management LLC increased its position in IonQ by 700.0% during the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after acquiring an additional 350 shares during the last quarter. Ameriflex Group Inc. increased its position in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after acquiring an additional 340 shares during the last quarter. Hilltop National Bank lifted its holdings in IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after acquiring an additional 225 shares during the period. Finally, Financial Consulate Inc. purchased a new position in IonQ in the third quarter worth about $29,000. 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.