IonQ (NYSE:IONQ) Shares Climb 8.5% – Still a Buy?

IonQ, Inc. (NYSE:IONQ) traded up 8.5% on Monday. The company traded as high as $36.35 and last traded at $35.3960. Approximately 32,921,285 shares changed hands during trading, an increase of 34% from the average daily volume of 24,564,283 shares. The stock had previously closed at $32.62.

Top IonQ Stories

Here are a few of the latest stories about IONQ:

• Positive Sentiment: IonQ reported third-quarter revenue of $173.83 million, up 336% year over year and ahead of analyst estimates, and raised its full-year revenue outlook to $505 million–$515 million. The results reinforce the company’s commercial growth story. Article: Raised Guidance Might Change The Case For Investing In IonQ Stock
• Positive Sentiment: IonQ was named a “Market Shaper” in Gartner’s inaugural quantum-computing vendor quadrant, offering third-party recognition of its ability to support commercial deployments. Article: IonQ Positioned as a Market Shaper in Gartner’s Quadrant
• Positive Sentiment: New distribution and access arrangements—including a Carahsoft channel for U.S. government customers and expanded access through QuantumCT—could help IonQ reach more public-sector and regional users. Article: IonQ Enters Federal Market Through New Public Sector Distribution Deal

Wall Street Analyst Weigh In

IONQ has been the subject of a number of research reports. B. Riley Financial cut their price objective on IonQ from $100.00 to $75.00 and set a “buy” rating for the company in a report on Monday, November 2nd. Cantor Fitzgerald dropped their target price on IonQ from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, November 6th. Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday. Mizuho reduced their price target on shares of IonQ from $61.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 9th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of IonQ in a report on Tuesday, October 13th. Ten analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.23.

IonQ Stock Down 2.4%

The company has a current ratio of 4.24, a quick ratio of 10.66 and a debt-to-equity ratio of 0.01. The stock has a 50 day simple moving average of $36.75 and a 200 day simple moving average of $41.44. The firm has a market capitalization of $14.67 billion, a PE ratio of 126.50 and a beta of 3.32.

IonQ (NYSE:IONQ) last issued its earnings results on Thursday, November 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.06. IonQ had a net margin of 67.09% and a return on equity of 0.18%. The firm had revenue of $173.83 million for the quarter, compared to analysts’ expectations of $141.49 million. During the same quarter last year, the business earned ($3.58) earnings per share. The business’s revenue was up 336.0% on a year-over-year basis. As a group, sell-side analysts forecast that IonQ, Inc. will post -2.96 earnings per share for the current year.

Insider Activity

In other news, insider John Raymond sold 2,407 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $37.21, for a total transaction of $89,564.47. Following the completion of the transaction, the insider directly owned 77,741 shares of the company’s stock, valued at approximately $2,892,742.61. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. bought a new position in IonQ in the third quarter worth about $90,000. Berger Financial Group Inc lifted its stake in shares of IonQ by 183.5% in the 3rd quarter. Berger Financial Group Inc now owns 19,905 shares of the company’s stock valued at $873,000 after purchasing an additional 12,885 shares during the period. Private Advisor Group LLC lifted its stake in shares of IonQ by 14.9% in the 3rd quarter. Private Advisor Group LLC now owns 139,859 shares of the company’s stock valued at $6,134,000 after purchasing an additional 18,129 shares during the period. Independent Advisor Alliance boosted its position in shares of IonQ by 17.2% during the third quarter. Independent Advisor Alliance now owns 13,507 shares of the company’s stock valued at $576,000 after purchasing an additional 1,980 shares in the last quarter. Finally, Z3 Capital Partners LLC grew its stake in IonQ by 21.8% in the third quarter. Z3 Capital Partners LLC now owns 10,075 shares of the company’s stock worth $442,000 after purchasing an additional 1,800 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

IonQ Company Profile

IonQ, Inc. develops quantum computers and related technologies using trapped-ion qubits, which store information in individual charged atoms. The company designs quantum computing hardware and software for applications that may benefit from quantum processing, including optimization, chemistry, and machine learning. IonQ makes its quantum systems available to businesses, government agencies, and researchers through its cloud service and third-party platforms, including Amazon Braket and Microsoft Azure Quantum.