IonQ (NYSE:IONQ) Stock Price Up 4.5% - Should You Buy?

Key Points

• Up 4.5%: IonQ shares rose to $48.16 on Monday (high $48.57) on roughly double the average volume (47.4M vs. 23.8M), giving the company a market cap of $17.66 billion and a negative P/E.
• Analyst picture is mixed but tilted positive — the consensus is a Moderate Buy with an average price target of $68.25, while individual targets range roughly from $35 to $100 (10 Buys, 6 Holds, 1 Sell).
• Insider and institutional activity: Director William J. Teuber Jr. bought 3,000 shares at $38.38; insiders have sold 8,581 shares in the last 90 days and own 5.20% overall, while institutions hold 41.42% with several funds recently increasing stakes.

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares rose 4.5% during trading on Monday . The company traded as high as $48.57 and last traded at $48.1620. Approximately 47,366,835 shares changed hands during mid-day trading, an increase of 99% from the average daily volume of 23,842,484 shares. The stock had previously closed at $46.09.

Analysts Set New Price Targets

IONQ has been the subject of several research reports. Morgan Stanley set a $37.00 price objective on shares of IonQ in a research report on Thursday, February 26th. Needham & Company LLC cut their price objective on IonQ from $80.00 to $65.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. Cantor Fitzgerald reiterated an "overweight" rating on shares of IonQ in a research report on Monday, February 9th. DA Davidson cut their price objective on IonQ from $55.00 to $35.00 and set a "neutral" rating on the stock in a report on Thursday, February 26th. Finally, Rosenblatt Securities restated a "buy" rating and set a $100.00 price objective on shares of IonQ in a report on Thursday, February 26th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $68.25.

IonQ Trading Up 4.5%

The stock has a market capitalization of $17.66 billion, a price-to-earnings ratio of -19.34 and a beta of 2.80. The stock has a 50-day simple moving average of $33.38 and a 200 day simple moving average of $45.93.

Insiders Place Their Bets

In related news, Director William J. Teuber, Jr. bought 3,000 shares of the business's stock in a transaction on Friday, February 27th. The stock was bought at an average price of $38.38 per share, for a total transaction of $115,140.00. Following the transaction, the director directly owned 9,413 shares in the company, valued at $361,270.94. This represents a 46.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John W. Raymond sold 2,800 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the sale, the insider owned 83,963 shares of the company's stock, valued at approximately $2,799,326.42. The trade was a 3.23% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 8,581 shares of company stock worth $316,156. 5.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Royal Bank of Canada lifted its position in IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company's stock worth $2,962,000 after buying an additional 14,898 shares in the last quarter. Amundi acquired a new position in IonQ in the 1st quarter worth about $630,000. AQR Capital Management LLC increased its position in IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company's stock worth $1,265,000 after purchasing an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company's stock worth $9,932,000 after purchasing an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth increased its position in IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock worth $1,032,000 after purchasing an additional 10,881 shares during the last quarter. 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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