IonQ (NYSE:IONQ) Shares Up 12.7% – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price traded up 12.7% during trading on Friday . The company traded as high as $37.28 and last traded at $36.29. 15,603,210 shares were traded during mid-day trading, an increase of 68% from the average session volume of 9,260,636 shares. The stock had previously closed at $32.21.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. The Goldman Sachs Group decreased their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Needham & Company LLC boosted their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum boosted their target price on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

IonQ Price Performance

The firm has a fifty day moving average price of $17.10 and a two-hundred day moving average price of $10.94. The stock has a market capitalization of $7.94 billion, a PE ratio of -44.80 and a beta of 1.89.

IonQ (NYSE:IONQ) last announced its 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 company 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 firm’s revenue was up 102.1% compared to the same quarter last year. During the same period last year, the business posted ($0.22) EPS. On average, research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the sale, the executive now owns 592,658 shares of the company’s stock, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 66,000 shares of company stock valued at $972,331 in the last quarter. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC raised its stake in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares during the last quarter. nVerses Capital LLC purchased a new position in IonQ in the 3rd quarter worth $72,000. Redwood Wealth Management Group LLC purchased a new position in shares of IonQ during the 2nd quarter valued at about $67,000. Impact Partnership Wealth LLC purchased a new position in shares of IonQ during the 3rd quarter valued at about $89,000. Finally, Arete Wealth Advisors LLC acquired a new position in shares of IonQ in the 3rd quarter valued at about $91,000. 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.