IonQ (NYSE:IONQ) Hits New 1-Year High – Should You Buy?

IonQ, Inc. (NYSE:IONQ) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.52 and last traded at $28.61, with a volume of 3991198 shares. The stock had previously closed at $27.89.

Analyst Ratings Changes

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

IonQ Stock Up 2.8 %

The firm’s fifty day moving average is $13.79 and its two-hundred day moving average is $9.87. The firm has a market cap of $6.21 billion, a P/E ratio of -34.70 and a beta of 1.89.

IonQ (NYSE:IONQ) last posted its quarterly earnings data 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 net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period in the previous year, the business earned ($0.22) earnings per share. IonQ’s revenue for the quarter was up 102.1% on a year-over-year basis. As a group, sell-side analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the transaction, the executive now directly owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. This represents a 1.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold 66,000 shares of company stock valued at $972,331 in the last three months. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of IonQ by 5.1% in the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after buying an additional 918,265 shares during the period. Geode Capital Management LLC increased its stake in shares of IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after acquiring an additional 199,360 shares during the last quarter. State Street Corp lifted its holdings in shares of IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after purchasing an additional 75,596 shares in the last quarter. SG Americas Securities LLC lifted its stake in IonQ by 27.3% in the second quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock valued at $18,661,000 after acquiring an additional 569,906 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 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.