IonQ (NYSE:IONQ) Shares Up 2.7% - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price shot up 2.7% during mid-day trading on Tuesday . The company traded as high as $24.75 and last traded at $24.67. 2,951,604 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 15,823,276 shares. The stock had previously closed at $24.03.

Analyst Ratings Changes

Several analysts have commented on IONQ shares. DA Davidson lowered their price target on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. The Goldman Sachs Group upped their price target on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 10th. Benchmark reduced their price target on IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Needham & Company LLC reissued a "buy" rating and set a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $40.80.

IonQ Trading Up 1.9 %

The firm's 50 day simple moving average is $24.73 and its 200-day simple moving average is $29.26. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of -35.72 and a beta of 2.50.

Insider Buying and Selling

In other IonQ news, Director William F. Scannell acquired 93,066 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the transaction, the director now owns 135,047 shares in the company, valued at approximately $2,945,375.07. This trade represents a 221.69 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 414,363 shares of the company's stock, valued at $7,756,875.36. This represents a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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 institutional investors have recently modified their holdings of IONQ. Verity Asset Management Inc. grew its stake in shares of IonQ by 67.6% during the 1st quarter. Verity Asset Management Inc. now owns 10,601 shares of the company's stock valued at $234,000 after acquiring an additional 4,274 shares during the period. McGuire Investment Group LLC raised its holdings in shares of IonQ by 976.8% in the first quarter. McGuire Investment Group LLC now owns 69,993 shares of the company's stock valued at $1,545,000 after acquiring an additional 63,493 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in IonQ by 54.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,735 shares of the company's stock valued at $203,000 after purchasing an additional 3,068 shares during the last quarter. Perigon Wealth Management LLC increased its position in shares of IonQ by 23.0% during the first quarter. Perigon Wealth Management LLC now owns 10,667 shares of the company's stock worth $235,000 after purchasing an additional 1,993 shares in the last quarter. Finally, HBK Sorce Advisory LLC purchased a new position in shares of IonQ in the 1st quarter valued at approximately $404,000. 41.42% of the stock is owned by hedge funds and other 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.