IonQ (NYSE:IONQ) Trading 0.3% Higher - Should You Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price rose 0.3% on Wednesday . The company traded as high as $36.54 and last traded at $35.43. Approximately 7,555,843 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 16,748,300 shares. The stock had previously closed at $35.31.

Analysts Set New Price Targets

IONQ has been the topic of a number of research reports. DA Davidson decreased their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Needham & Company LLC decreased their price target on shares of IonQ from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Benchmark decreased their price target on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, 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 note on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $38.33.

IonQ Trading Down 1.4%

The stock's fifty day moving average price is $26.77 and its 200-day moving average price is $31.43. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of -43.68 and a beta of 2.46.

IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.14. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.51 million. During the same quarter last year, the firm earned ($0.19) EPS. The firm's revenue for the quarter was down .2% on a year-over-year basis. Analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 1,407 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the transaction, the executive now owns 592,615 shares of the company's stock, valued at $12,563,438. This trade represents a 0.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas G. Kramer sold 11,712 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the transaction, the chief financial officer now directly owns 944,510 shares of the company's stock, valued at $17,539,550.70. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,033,166 shares of company stock worth $38,059,593. Insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in IonQ by 0.6% in the first quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company's stock valued at $474,460,000 after purchasing an additional 123,839 shares during the period. Geode Capital Management LLC grew its position in IonQ by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock worth $186,593,000 after buying an additional 45,942 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of IonQ by 12.6% in the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock valued at $80,809,000 after purchasing an additional 216,752 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of IonQ by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock valued at $68,740,000 after purchasing an additional 31,638 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.

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