IonQ (NYSE:IONQ) Shares Up 1.3% - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price shot up 1.3% during mid-day trading on Friday . The company traded as high as $31.85 and last traded at $28.76. 15,514,681 shares were traded during mid-day trading, a decline of 3% from the average session volume of 15,978,971 shares. The stock had previously closed at $28.39.

Analysts Set New Price Targets

A number of equities analysts have weighed in on IONQ shares. DA Davidson cut their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Needham & Company LLC reissued a "buy" rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, January 10th. Finally, Benchmark dropped their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. 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.com, IonQ currently has an average rating of "Moderate Buy" and a consensus price target of $40.80.

IonQ Stock Performance

The firm has a market capitalization of $6.26 billion, a PE ratio of -34.68 and a beta of 2.50. The firm has a fifty day moving average of $24.62 and a 200 day moving average of $29.66.

Insider Activity

In related news, CRO Rima Alameddine sold 20,047 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $372,272.79. Following the completion of the transaction, the executive now owns 572,568 shares of the company's stock, valued at approximately $10,632,587.76. This represents a 3.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thomas G. Kramer sold 11,712 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the sale, the chief financial officer now owns 944,510 shares of the company's stock, valued at approximately $17,539,550.70. This trade represents a 1.22 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Several institutional investors have recently added to or reduced their stakes in IONQ. Pathway Financial Advisers LLC bought a new position in shares of IonQ during the fourth quarter worth about $26,000. ORG Partners LLC lifted its holdings in IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock worth $26,000 after buying an additional 870 shares during the last quarter. Smartleaf Asset Management LLC grew 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 worth $27,000 after acquiring an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ in the 4th quarter worth approximately $27,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of IonQ during the 4th quarter valued at approximately $33,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.