IonQ (NYSE:IONQ) Stock Price Up 7.9% – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s share price traded up 7.9% during trading on Tuesday . The company traded as high as $49.90 and last traded at $49.7290. 16,438,111 shares were traded during mid-day trading, a decline of 32% from the average session volume of 24,214,727 shares. The stock had previously closed at $46.07.

Analyst Upgrades and Downgrades

IONQ has been the topic of several research analyst reports. Jefferies Financial Group assumed coverage on IonQ in a report on Tuesday. They set a “buy” rating and a $100.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of IonQ in a research report on Thursday, November 6th. Zacks Research raised shares of IonQ from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. started coverage on shares of IonQ in a research report on Thursday, November 20th. They issued a “neutral” rating and a $47.00 price objective for the company. Finally, Mizuho began coverage on shares of IonQ in a research note on Thursday, December 11th. They issued an “outperform” rating and a $90.00 target price for the company. Nine analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, IonQ currently has an average rating of “Hold” and an average target price of $70.83.

IonQ Stock Up 7.9%

The firm has a fifty day moving average of $56.47 and a 200-day moving average of $49.84. The firm has a market cap of $17.28 billion, a P/E ratio of -9.30 and a beta of 2.62.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $39.87 million for the quarter, compared to the consensus estimate of $26.99 million. During the same period in the prior year, the firm posted ($0.24) earnings per share. The business’s revenue for the quarter was up 221.5% compared to the same quarter last year. Sell-side analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 100,000 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the completion of the sale, the executive owned 432,616 shares in the company, valued at approximately $20,285,364.24. The trade was a 18.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William J. Teuber, Jr. purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The stock was bought at an average cost of $54.81 per share, for a total transaction of $109,620.00. Following the purchase, the director owned 6,413 shares in the company, valued at $351,496.53. This trade represents a 45.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 5.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently made changes to their positions in IONQ. Amazon Com Inc. bought a new position in IonQ during the second quarter worth about $36,705,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of IonQ in the 2nd quarter valued at approximately $6,104,000. Norges Bank acquired a new stake in shares of IonQ in the 2nd quarter valued at approximately $114,767,000. Union Bancaire Privee UBP SA boosted its stake in IonQ by 8,150.0% during the 2nd quarter. Union Bancaire Privee UBP SA now owns 82,500 shares of the company’s stock worth $3,545,000 after acquiring an additional 81,500 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. grew its holdings in IonQ by 21.5% during the second quarter. Cookson Peirce & Co. Inc. now owns 102,466 shares of the company’s stock valued at $4,403,000 after purchasing an additional 18,124 shares during the period. 41.42% of the stock is owned by institutional investors and hedge funds.

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.