IonQ (NYSE:IONQ) Shares Up 7.4% - Still a Buy?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) traded up 7.4% during mid-day trading on Thursday . The company traded as high as $29.58 and last traded at $28.77. 10,052,019 shares traded hands during trading, a decline of 37% from the average session volume of 15,906,103 shares. The stock had previously closed at $26.80.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on IONQ shares. Benchmark dropped their price objective on IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Needham & Company LLC reiterated a "buy" rating and set a $54.00 price target on shares of IonQ in a report on Thursday, February 27th. The Goldman Sachs Group raised their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, January 10th. Finally, DA Davidson cut their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and a consensus price target of $40.80.

IonQ Stock Performance

The business's 50 day moving average price is $24.73 and its 200-day moving average price is $29.54. The company has a market cap of $6.39 billion, a price-to-earnings ratio of -35.42 and a beta of 2.50.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the sale, the executive now directly owns 592,615 shares in the company, valued at $12,563,438. This trade represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William F. Scannell acquired 93,066 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the acquisition, the director now directly owns 135,047 shares of the company's stock, valued at $2,945,375.07. The trade was a 221.69 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 2,033,166 shares of company stock valued at $38,059,593 over the last quarter. Corporate insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

Several institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc raised its position in shares of IonQ by 1,348.5% in the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company's stock valued at $40,000 after purchasing an additional 890 shares during the period. GAMMA Investing LLC grew its stake in shares of IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock valued at $47,000 after acquiring an additional 480 shares in the last quarter. Everence Capital Management Inc. bought a new position in IonQ during the fourth quarter worth about $216,000. City State Bank acquired a new stake in IonQ in the 4th quarter worth about $36,000. Finally, Future Financial Wealth Managment LLC bought a new stake in IonQ in the 4th quarter valued at about $42,000. Institutional investors own 41.42% of the company's stock.

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.