IonQ (NYSE:IONQ) Trading 2.8% Higher - Time to Buy?

Key Points

• IonQ's stock price increased by 2.8% during Wednesday's trading, reaching $63.23, with significantly higher trading volume compared to the average.
• Multiple analysts have given IonQ a mixed outlook, with seven firms issuing a "buy" rating while one downgraded its rating to "neutral," with a target price range from $35.00 to $100.00.
• IonQ reported an 81.6% year-over-year revenue increase for the last quarter, despite missing earnings expectations with an EPS of ($0.70).

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded up 2.8% during mid-day trading on Wednesday . The company traded as high as $64.85 and last traded at $63.23. 33,730,763 shares changed hands during trading, an increase of 45% from the average session volume of 23,279,955 shares. The stock had previously closed at $61.50.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IONQ. Rosenblatt Securities reaffirmed a "buy" rating and issued a $70.00 price target on shares of IonQ in a research note on Monday, September 15th. Needham & Company LLC upped their target price on IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Wolfe Research assumed coverage on IonQ in a research note on Wednesday, July 30th. They set a "peer perform" rating for the company. B. Riley boosted their price target on IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Finally, DA Davidson downgraded IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective on the stock. in a report on Thursday, August 7th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $58.33.

IonQ Stock Performance

The firm has a 50 day moving average price of $47.88 and a two-hundred day moving average price of $38.83. The company has a market capitalization of $18.77 billion, a P/E ratio of -31.46 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). IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The company had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. During the same quarter last year, the business earned ($0.18) EPS. IonQ's quarterly revenue was up 81.6% compared to the same quarter last year. On average, equities analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Robert T. Cardillo sold 8,773 shares of the company's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $50.52, for a total value of $443,211.96. Following the sale, the insider owned 37,436 shares of the company's stock, valued at approximately $1,891,266.72. This represents a 18.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul T. Dacier sold 4,175 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $185,370.00. Following the sale, the insider directly owned 114,454 shares of the company's stock, valued at approximately $5,081,757.60. The trade was a 3.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 279,047 shares of company stock worth $12,602,891 in the last three months. Company insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC lifted its position in shares of IonQ by 3.6% during the second quarter. Corient Private Wealth LLC now owns 46,263 shares of the company's stock worth $1,988,000 after purchasing an additional 1,609 shares in the last quarter. Neuberger Berman Group LLC raised its position in IonQ by 40.0% in the 2nd quarter. Neuberger Berman Group LLC now owns 270,330 shares of the company's stock worth $11,616,000 after purchasing an additional 77,203 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its holdings in IonQ by 34.3% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,345 shares of the company's stock worth $144,000 after buying an additional 855 shares in the last quarter. Marex Group plc bought a new position in IonQ in the 2nd quarter valued at $24,135,000. Finally, Advisory Services Network LLC boosted its position in IonQ by 2.3% in the 2nd quarter. Advisory Services Network LLC now owns 44,534 shares of the company's stock valued at $1,776,000 after buying an additional 1,001 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.