IonQ (NYSE:IONQ) Shares Up 6.8% – Should You Buy?

Shares of IonQ, Inc. (NYSE:IONQ) rose 6.8% during mid-day trading on Friday . The stock traded as high as $51.89 and last traded at $50.80. Approximately 23,070,447 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 17,331,684 shares. The stock had previously closed at $47.56.

Analyst Ratings Changes

IONQ has been the subject of several analyst reports. JPMorgan Chase & Co. assumed coverage on IonQ in a report on Thursday, November 20th. They issued a “neutral” rating and a $47.00 price objective for the company. Mizuho assumed coverage on IonQ in a research report on Thursday, December 11th. They set an “outperform” rating and a $90.00 price target for the company. Wedbush started coverage on IonQ in a research report on Wednesday, December 17th. They set an “outperform” rating and a $60.00 price target on the stock. Zacks Research upgraded IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Rosenblatt Securities raised their target price on shares of IonQ from $70.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $75.91.

IonQ Stock Up 6.8%

The stock has a market cap of $17.65 billion, a P/E ratio of -9.50 and a beta of 2.63. The firm has a 50 day simple moving average of $49.04 and a 200-day simple moving average of $51.14.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The business had revenue of $39.87 million for the quarter, compared to analyst estimates of $26.99 million. During the same period in the previous year, the firm posted ($0.24) earnings per share. The firm’s revenue was up 221.5% compared to the same quarter last year. On average, equities analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In related news, Director William J. Teuber, Jr. acquired 2,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was purchased at an average cost of $54.81 per share, for a total transaction of $109,620.00. Following the completion of the transaction, the director directly owned 6,413 shares of the company’s stock, valued at approximately $351,496.53. The trade was a 45.32% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Rima Alameddine sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $46.89, for a total value of $4,689,000.00. Following the completion of the transaction, the executive directly owned 432,616 shares in the company, valued at $20,285,364.24. The trade was a 18.78% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 125,000 shares of company stock valued at $5,992,000. Company insiders own 5.20% of the company’s stock.

Institutional Trading of IonQ

Several hedge funds have recently added to or reduced their stakes in the company. Stone House Investment Management LLC grew its holdings in IonQ by 700.0% in the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after buying an additional 350 shares in the last quarter. Ameriflex Group Inc. lifted its holdings in shares of IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares in the last quarter. Hilltop National Bank boosted its position in shares of IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after acquiring an additional 225 shares during the period. Financial Consulate Inc. bought a new stake in shares of IonQ in the third quarter valued at about $29,000. Finally, UMB Bank n.a. acquired a new position in shares of IonQ in the third quarter valued at about $31,000. 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.