IonQ (NYSE:IONQ) Stock Price Up 3% – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s share price shot up 3% on Friday . The stock traded as high as $15.48 and last traded at $15.48. 5,236,260 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 7,032,425 shares. The stock had previously closed at $15.03.

Analysts Set New Price Targets

IONQ has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $13.00 price target on shares of IonQ in a report on Wednesday, October 2nd. The Goldman Sachs Group decreased their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Benchmark lowered their price target on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, Craig Hallum decreased their target price on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th.

IonQ Stock Down 1.2 %

The business has a 50-day simple moving average of $10.00 and a 200-day simple moving average of $8.62. The company has a market cap of $3.18 billion, a PE ratio of -18.80 and a beta of 2.05.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. The firm had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. IonQ’s revenue was up 106.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) EPS. As a group, equities research analysts predict that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the sale, the executive now directly owns 638,908 shares in the company, valued at $7,488,001.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently bought and sold shares of the stock. Carnegie Investment Counsel acquired a new position in shares of IonQ during the third quarter worth about $5,036,000. Bleakley Financial Group LLC acquired a new stake in shares of IonQ in the 3rd quarter valued at $152,000. Oppenheimer & Co. Inc. lifted its position in shares of IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after purchasing an additional 1,400 shares during the last quarter. Gamco Investors INC. ET AL acquired a new position in shares of IonQ during the first quarter worth $185,000. Finally, Swiss National Bank increased its holdings in IonQ by 14.8% in the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock valued at $3,433,000 after buying an additional 44,200 shares during the last quarter. 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.