IonQ (NYSE:IONQ) Trading Up 1.3% – Should You Buy?

Shares of IonQ, Inc. (NYSE:IONQ) traded up 1.3% on Thursday . The company traded as high as $52.51 and last traded at $50.4270. 16,508,348 shares changed hands during trading, a decline of 3% from the average session volume of 17,032,955 shares. The stock had previously closed at $49.78.

Analyst Upgrades and Downgrades

IONQ has been the subject of several research analyst reports. DA Davidson boosted their price objective on shares of IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. JPMorgan Chase & Co. assumed coverage on IonQ in a research report on Thursday, November 20th. They issued a “neutral” rating and a $47.00 price objective for the company. Zacks Research upgraded IonQ from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Finally, Rosenblatt Securities lifted their price objective on shares of IonQ from $70.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Nine investment 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 data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $72.08.

IonQ Trading Up 1.3%

The firm has a market capitalization of $17.52 billion, a price-to-earnings ratio of -9.43 and a beta of 2.63. The firm’s 50-day moving average is $50.02 and its 200 day moving average is $50.82.

IonQ (NYSE:IONQ) last issued its quarterly earnings results 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 business had revenue of $39.87 million for the quarter, compared to analyst estimates of $26.99 million. During the same quarter in the previous year, the business posted ($0.24) earnings per share. The business’s revenue was up 221.5% on a year-over-year basis. Analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 100,000 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $46.89, for a total value of $4,689,000.00. Following the sale, the executive directly owned 432,616 shares of the company’s stock, valued at $20,285,364.24. This trade represents a 18.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kathryn K. Chou sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $55.00, for a total value of $275,000.00. Following the transaction, the director directly owned 60,839 shares in the company, valued at $3,346,145. This trade represents a 7.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 125,000 shares of company stock valued at $5,992,000 over the last three months. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amazon Com Inc. acquired a new stake in IonQ in the second quarter valued at approximately $36,705,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in IonQ during the 3rd quarter worth $806,000. Y Intercept Hong Kong Ltd acquired a new position in IonQ in the 2nd quarter worth about $6,104,000. Norges Bank bought a new position in IonQ in the second quarter valued at about $114,767,000. Finally, Union Bancaire Privee UBP SA boosted its stake in shares of IonQ by 8,150.0% during the second quarter. Union Bancaire Privee UBP SA now owns 82,500 shares of the company’s stock valued at $3,545,000 after purchasing an additional 81,500 shares in the last quarter. 41.42% of the stock is owned by 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. 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.