IonQ (NYSE:IONQ) Shares Up 8.1% – Time to Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price traded up 8.1% during mid-day trading on Tuesday . The company traded as high as $27.56 and last traded at $27.28. 12,795,838 shares changed hands during mid-day trading, an increase of 49% from the average session volume of 8,607,291 shares. The stock had previously closed at $25.23.

Wall Street Analysts Forecast Growth

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

IonQ Price Performance

The company has a 50 day moving average of $14.22 and a 200 day moving average of $10.00.

IonQ (NYSE:IONQ) last announced 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). The firm 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 company’s revenue for the quarter was up 102.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.22) earnings per share. Equities analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the transaction, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. This trade represents a 1.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 66,000 shares of company stock valued at $972,331 in the last 90 days. 11.60% of the stock is currently owned by insiders.

Institutional Trading of IonQ

A number of large investors have recently made changes to their positions in IONQ. Carnegie Investment Counsel bought a new stake in shares of IonQ during the third quarter worth $5,036,000. Yong Rong HK Asset Management Ltd bought a new stake in IonQ in the 3rd quarter valued at approximately $3,749,000. Bleakley Financial Group LLC acquired a new stake in shares of IonQ in the third quarter valued at approximately $152,000. Gamco Investors INC. ET AL acquired a new position in IonQ during the first quarter worth $185,000. Finally, LMR Partners LLP bought a new stake in IonQ during the 3rd quarter worth about $874,000. 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.