IonQ (NYSE:IONQ) Trading Up 0.5% – Time to Buy?

IonQ, Inc. (NYSE:IONQ) shares were up 0.5% on Tuesday . The company traded as high as $35.99 and last traded at $35.25. Approximately 8,794,285 shares were traded during trading, a decline of 47% from the average daily volume of 16,698,219 shares. The stock had previously closed at $35.09.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IONQ. Needham & Company LLC reduced their target price on shares of IonQ from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Benchmark lowered their price target on IonQ from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. DA Davidson lowered their target price on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Morgan Stanley upped their target price on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.33.

IonQ Price Performance

The company has a market capitalization of $7.82 billion, a PE ratio of -43.05 and a beta of 2.46. The firm has a 50-day simple moving average of $26.49 and a 200 day simple moving average of $31.41.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.14. The business had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm’s revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.19) earnings per share. Equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 1,407 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the sale, the executive now directly owns 592,615 shares in the company, valued at $12,563,438. The trade was a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William F. Scannell purchased 93,066 shares of IonQ stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares of the company’s stock, valued at approximately $2,945,375.07. The trade was a 221.69% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 in the last 90 days. 11.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Pathway Financial Advisers LLC bought a new stake in IonQ during the 4th quarter valued at $26,000. ORG Partners LLC raised its holdings in IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company’s stock worth $26,000 after buying an additional 870 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after acquiring an additional 501 shares during the period. Measured Risk Portfolios Inc. purchased a new stake in IonQ during the fourth quarter valued at $27,000. Finally, TD Waterhouse Canada Inc. purchased a new position in shares of IonQ during the 4th quarter worth $33,000. 41.42% of the stock is owned by hedge funds and other 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.