IonQ (NYSE:IONQ) Trading 1.6% Higher – Time to Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price traded up 1.6% during mid-day trading on Friday . The stock traded as high as $27.39 and last traded at $26.58. 12,036,308 shares traded hands during mid-day trading, an increase of 46% from the average session volume of 8,267,759 shares. The stock had previously closed at $26.16.

Analyst Ratings Changes

Several equities analysts recently weighed in on IONQ shares. Benchmark boosted their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group reduced their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Craig Hallum boosted their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Trading Up 11.4 %

The firm has a fifty day simple moving average of $13.00 and a 200 day simple moving average of $9.61. The stock has a market cap of $6.24 billion, a price-to-earnings ratio of -35.98 and a beta of 1.89.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The firm had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’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 company posted ($0.22) earnings per share. On average, equities analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the transaction, the executive now directly owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. This represents a 1.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 66,000 shares of company stock valued at $972,331. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of large investors have recently bought and sold shares of the stock. Quest Partners LLC lifted its holdings in shares of 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 period. nVerses Capital LLC bought a new position in IonQ during the 3rd quarter valued at about $72,000. Redwood Wealth Management Group LLC acquired a new position in IonQ in the second quarter valued at about $67,000. Impact Partnership Wealth LLC bought a new stake in IonQ during the third quarter worth about $89,000. Finally, Moors & Cabot Inc. acquired a new stake in shares of IonQ during the third quarter worth approximately $92,000. 41.42% of the stock is currently owned by institutional investors.

About IonQ

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.