IonQ (NYSE:IONQ) Shares Up 4.6% – Should You Buy?

by · The Cerbat Gem

IonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price was up 4.6% during trading on Monday . The stock traded as high as $33.93 and last traded at $32.72. Approximately 8,106,748 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 16,487,162 shares. The stock had previously closed at $31.27.

Analysts Set New Price Targets

A number of brokerages recently commented on IONQ. Benchmark reduced their price objective on shares of IonQ from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. DA Davidson dropped their target price on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Needham & Company LLC cut their price target on IonQ from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Morgan Stanley upped their price target on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, IonQ currently has a consensus rating of “Moderate Buy” and an average price target of $38.33.

Get Our Latest Research Report on IONQ

IonQ Trading Up 5.1%

The firm has a 50 day simple moving average of $24.91 and a two-hundred day simple moving average of $30.68. The company has a market capitalization of $7.32 billion, a PE ratio of -40.57 and a beta of 2.46.

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

Insider Activity

In other news, CFO Thomas G. Kramer sold 11,712 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now owns 944,510 shares of the company’s stock, valued at approximately $17,539,550.70. The trade was a 1.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total transaction of $29,828.40. Following the sale, the executive now directly owns 592,615 shares in the company, valued at $12,563,438. This trade represents a 0.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,033,166 shares of company stock worth $38,059,593 over the last ninety days. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently modified their holdings of the company. Pathway Financial Advisers LLC bought a new position in shares of IonQ in the fourth quarter valued at $26,000. Smartleaf Asset Management LLC lifted its position in shares of IonQ by 421.0% in 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 in the last quarter. Measured Risk Portfolios Inc. purchased a new stake in shares of IonQ in the 4th quarter valued at approximately $27,000. TD Waterhouse Canada Inc. purchased a new stake in shares of IonQ in the 4th quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of IonQ in the 4th quarter valued at approximately $34,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

About IonQ

(Get Free Report)

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.

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