IonQ (NYSE:IONQ) Sets New 12-Month High – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price hit a new 52-week high on Friday . The stock traded as high as $35.77 and last traded at $35.47, with a volume of 6632302 shares changing hands. The stock had previously closed at $32.21.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Benchmark upped their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC upped 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. The Goldman Sachs Group decreased their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Finally, Craig Hallum upped their price objective on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

IonQ Price Performance

The stock has a market cap of $7.90 billion, a P/E ratio of -45.06 and a beta of 1.89. The stock’s 50-day moving average is $17.66 and its two-hundred day moving average is $11.15.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the firm earned ($0.22) EPS. On average, analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now directly owns 592,658 shares in the company, valued at $10,519,679.50. The trade was a 3.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 66,000 shares of company stock worth $972,331 in the last quarter. 11.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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