IonQ (NYSE:IONQ) Trading 2.8% Higher - Should You Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report) was up 2.8% during mid-day trading on Wednesday . The stock traded as high as $39.10 and last traded at $39.09. Approximately 6,784,486 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 23,396,467 shares. The stock had previously closed at $38.04.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Morgan Stanley raised their price target on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Needham & Company LLC reissued a "buy" rating and issued a $50.00 target price on shares of IonQ in a research report on Wednesday, June 11th. DA Davidson decreased their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Benchmark increased their price target on IonQ from $40.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, IonQ currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.00.

IonQ Stock Performance

The stock's fifty day moving average is $34.04 and its 200 day moving average is $33.48. The stock has a market cap of $10.37 billion, a P/E ratio of -26.59 and a beta of 2.59.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. 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 company posted ($0.19) EPS. The firm's revenue for the quarter was down .2% on a year-over-year basis. Equities research analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, Director Wendy Thomas sold 16,696 shares of IonQ stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $39.43, for a total value of $658,323.28. Following the completion of the sale, the director now directly owns 61,145 shares in the company, valued at $2,410,947.35. This trade represents a 21.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Masi Niccolo De sold 9,280 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $42.23, for a total value of $391,894.40. Following the completion of the transaction, the chief executive officer now directly owns 711,987 shares in the company, valued at $30,067,211.01. This represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,474,890 shares of company stock valued at $290,752,381. 5.20% of the stock is currently owned by insiders.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently bought and sold shares of the business. ORG Partners LLC increased its holdings in IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after buying an additional 870 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after purchasing an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. purchased a new position in shares of IonQ during the 4th quarter valued at approximately $27,000. TD Waterhouse Canada Inc. acquired a new stake in IonQ in the 4th quarter valued at $33,000. Finally, Future Financial Wealth Managment LLC lifted its holdings in IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.