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

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IONQ. Morgan Stanley increased their target price on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday. Needham & Company LLC decreased their target price on IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Thursday. Benchmark decreased their target price on IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Finally, DA Davidson lowered their target price 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. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $38.33.

IonQ Stock Up 5.1%

The company's fifty day moving average price is $24.91 and its 200-day moving average price is $30.68. The stock 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 issued its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.14. The firm had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business's revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.19) earnings per share. Equities research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the sale, the insider now owns 414,363 shares of the company's stock, valued at $7,756,875.36. This trade represents a 82.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Rima Alameddine sold 20,047 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $372,272.79. Following the sale, the executive now directly owns 572,568 shares in the company, valued at approximately $10,632,587.76. The trade was a 3.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Corporate insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

A number of large investors have recently made changes to their positions in the company. PDS Planning Inc grew its stake in shares of IonQ by 2.6% during the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company's stock valued at $494,000 after purchasing an additional 300 shares during the period. Mariner LLC lifted its stake in IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company's stock worth $2,276,000 after purchasing an additional 350 shares in the last quarter. Allworth Financial LP lifted its stake in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company's stock worth $116,000 after purchasing an additional 363 shares in the last quarter. GAMMA Investing LLC lifted its position in IonQ by 73.2% during the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock valued at $47,000 after purchasing an additional 480 shares during the last quarter. Finally, Future Financial Wealth Managment LLC lifted its position 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 during the last quarter. 41.42% of the stock is currently owned by institutional investors.

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.

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