IonQ (NYSE:IONQ) Trading Up 0.1% – Still a Buy?

IonQ, Inc. (NYSE:IONQ)’s share price was up 0.1% during trading on Monday . The company traded as high as $39.38 and last traded at $39.53. Approximately 6,614,188 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 35,000,855 shares. The stock had previously closed at $39.49.

Wall Street Analyst Weigh In

IONQ has been the topic of several recent research reports. Benchmark increased their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. DA Davidson assumed coverage on shares of IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. The Goldman Sachs Group increased their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Finally, Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Stock Performance

The company has a market cap of $8.96 billion, a P/E ratio of -51.11 and a beta of 2.41. The business’s fifty day moving average is $38.38 and its two-hundred day moving average is $21.05.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same period last year, the company earned ($0.22) EPS. Analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the transaction, the executive now owns 571,321 shares in the company, valued at $16,985,373.33. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock valued at $1,314,652 over the last three months. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in IONQ. Allworth Financial LP boosted its holdings in shares of IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock valued at $116,000 after buying an additional 363 shares in the last quarter. GAMMA Investing LLC boosted its stake in IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after acquiring an additional 480 shares in the last quarter. Pathway Financial Advisers LLC purchased a new position in IonQ in the fourth quarter worth $26,000. Spire Wealth Management increased its position in shares of IonQ by 406.3% during the fourth quarter. Spire Wealth Management now owns 962 shares of the company’s stock worth $40,000 after purchasing an additional 772 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in shares of IonQ during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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.