IonQ (NYSE:IONQ) Sees Strong Trading Volume – Should You Buy?

IonQ, Inc. (NYSE:IONQ) saw unusually-strong trading volume on Thursday . Approximately 8,819,803 shares were traded during mid-day trading, an increase of 1% from the previous session’s volume of 8,761,971 shares.The stock last traded at $31.56 and had previously closed at $28.86.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on IONQ shares. The Goldman Sachs Group cut their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Craig Hallum increased their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark lifted their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC increased their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Performance

The firm has a market capitalization of $6.88 billion, a P/E ratio of -39.26 and a beta of 1.89. The company has a 50-day simple moving average of $15.21 and a two-hundred day simple moving average of $10.31.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s quarterly revenue was up 102.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.22) EPS. As a group, research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the sale, the executive now directly owns 638,908 shares in the company, valued at approximately $7,488,001.76. This trade represents a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently made changes to their positions in the company. Quest Partners LLC boosted its stake in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ during the second quarter valued at $67,000. nVerses Capital LLC bought a new stake in IonQ in the 3rd quarter worth about $72,000. Mosley Wealth Management purchased a new position in IonQ in the 2nd quarter worth about $81,000. Finally, Xponance Inc. bought a new position in IonQ during the 2nd quarter valued at about $88,000. Institutional investors own 41.42% of the company’s stock.

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.