IonQ (NYSE:IONQ) Trading Up 3% – Time to Buy?

Shares of IonQ, Inc. (NYSE:IONQ) rose 3% during mid-day trading on Friday . The company traded as high as $47.27 and last traded at $46.3480. 17,991,014 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 25,334,400 shares. The stock had previously closed at $44.98.

Analyst Ratings Changes

A number of brokerages have issued reports on IONQ. Weiss Ratings reissued a “sell (d+)” rating on shares of IonQ in a report on Friday, August 7th. Jefferies Financial Group set a $75.00 price objective on IonQ in a report on Thursday, August 6th. Wedbush assumed coverage on shares of IonQ in a research report on Monday, August 3rd. They set an “outperform” rating and a $75.00 target price on the stock. Wall Street Zen lowered IonQ from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Finally, Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of IonQ in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $69.92.

IonQ Stock Up 3.0%

The firm has a market capitalization of $17.66 billion, a P/E ratio of -9.95 and a beta of 3.28. The stock has a fifty day moving average of $45.79 and a 200-day moving average of $43.15.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.23. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The company had revenue of $80.05 million for the quarter, compared to the consensus estimate of $66.47 million. During the same period last year, the company earned ($0.70) earnings per share. The firm’s revenue was up 286.7% compared to the same quarter last year. Sell-side analysts predict that IonQ, Inc. will post -2.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, insider John W. Raymond sold 3,815 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $209,863.15. Following the transaction, the insider owned 80,148 shares of the company’s stock, valued at $4,408,941.48. The trade was a 4.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kathryn K. Chou sold 2,757 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total transaction of $151,690.14. Following the sale, the director directly owned 62,608 shares in the company, valued at $3,444,692.16. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,329 shares of company stock valued at $513,216 in the last 90 days. 0.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Several large investors have recently modified their holdings of IONQ. Bogart Wealth LLC raised its holdings in IonQ by 24.4% in the 1st quarter. Bogart Wealth LLC now owns 1,273 shares of the company’s stock valued at $37,000 after acquiring an additional 250 shares during the period. Beaird Harris Wealth Management LLC increased its stake in IonQ by 117.4% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after acquiring an additional 270 shares during the period. EverSource Wealth Advisors LLC raised its stake in IonQ by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock valued at $36,000 after purchasing an additional 279 shares in the last quarter. ABN Amro Investment Solutions raised its position in shares of IonQ by 2.5% in the 1st quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company’s stock valued at $355,000 after buying an additional 295 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in IonQ by 26.1% during the second quarter. Versant Capital Management Inc now owns 1,491 shares of the company’s stock valued at $79,000 after purchasing an additional 309 shares in the last quarter. 41.42% of the stock is owned by institutional investors.

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. 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.