IonQ (NYSE:IONQ) Trading 1% Higher – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s share price rose 1% during trading on Monday . The company traded as high as $13.65 and last traded at $13.43. Approximately 5,214,482 shares changed hands during trading, a decline of 15% from the average daily volume of 6,169,102 shares. The stock had previously closed at $13.30.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on IONQ shares. Benchmark dropped their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 12th. The Goldman Sachs Group reduced their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price target on shares of IonQ in a research note on Wednesday, October 2nd. Finally, Craig Hallum reduced their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $12.00.

IonQ Stock Performance

The firm’s fifty day simple moving average is $8.61 and its 200-day simple moving average is $8.17. The stock has a market cap of $3.12 billion, a P/E ratio of -18.00 and a beta of 2.05.

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

Insiders Place Their Bets

In related news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 31,125 shares of company stock worth $377,660. 11.60% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC grew its position in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the period. Redwood Wealth Management Group LLC acquired a new position in shares of IonQ during the second quarter valued at about $67,000. nVerses Capital LLC acquired a new position in shares of IonQ during the third quarter valued at about $72,000. Mosley Wealth Management bought a new stake in shares of IonQ during the second quarter worth about $81,000. Finally, Xponance Inc. acquired a new stake in shares of IonQ in the 2nd quarter worth about $88,000. 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.