IonQ (NYSE:IONQ) Stock Price Up 2.7% - Should You Buy?

Key Points

• IonQ's stock price rose 2.7% to $41.59, with trading volume significantly lower at 7.49 million shares compared to the average of 22.95 million shares.
• Despite a report of $20.69 million in revenue, the company missed earnings expectations, reporting a loss of ($0.70) EPS, compared to the consensus estimate of ($0.13) EPS.
• Analysts have a Moderate Buy rating on IonQ, with an average price target of $45.00, with various firms adjusting their ratings and target prices.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was up 2.7% on Friday . The company traded as high as $41.79 and last traded at $41.59. Approximately 7,491,808 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 22,948,230 shares. The stock had previously closed at $40.49.

Analyst Ratings Changes

Several analysts recently issued reports on IONQ shares. Morgan Stanley upped their price objective on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Rosenblatt Securities initiated coverage on shares of IonQ in a report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating on shares of IonQ in a research note on Monday. DA Davidson lowered shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price on the stock. in a research report on Thursday. Finally, Cantor Fitzgerald initiated coverage on IonQ in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price objective on the stock. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $45.00.

IonQ Price Performance

The stock has a 50-day moving average of $41.39 and a 200 day moving average of $34.37. The company has a market cap of $10.89 billion, a P/E ratio of -20.60 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The business had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative return on equity of 87.77% and a negative net margin of 885.21%. The firm's quarterly revenue was up 81.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.18) earnings per share. Sell-side analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, CFO Thomas G. Kramer sold 216,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $38.11, for a total transaction of $8,231,760.00. Following the sale, the chief financial officer owned 718,516 shares of the company's stock, valued at approximately $27,382,644.76. This represents a 23.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Peter Hume Chapman sold 3,581,193 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $38.13, for a total transaction of $136,550,889.09. Following the transaction, the insider owned 390,329 shares of the company's stock, valued at $14,883,244.77. This trade represents a 90.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,191,850 shares of company stock valued at $360,519,930 over the last ninety days. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently added to or reduced their stakes in the company. Oak Harvest Investment Services purchased a new stake in IonQ in the 2nd quarter worth approximately $215,000. Good Life Advisors LLC lifted its holdings in IonQ by 2.0% in the second quarter. Good Life Advisors LLC now owns 17,879 shares of the company's stock worth $768,000 after buying an additional 348 shares during the period. Calamos Advisors LLC bought a new position in shares of IonQ in the 2nd quarter worth approximately $457,000. Police & Firemen s Retirement System of New Jersey boosted its position in shares of IonQ by 21.9% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 53,715 shares of the company's stock valued at $2,308,000 after purchasing an additional 9,656 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in IonQ by 15.2% in the second quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company's stock worth $229,422,000 after purchasing an additional 705,301 shares during the period. Hedge funds and other institutional investors own 41.42% of the company's stock.

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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