IonQ (NYSE:IONQ) Trading Up 2% - Should You Buy?

Key Points

• IonQ's stock increased by 2% during mid-day trading, reaching a high of $43.03, but the trading volume was significantly lower than average.
• Research analysts have mixed opinions on IonQ, with seven analysts rating it as a "Buy" and five as a "Hold," reflecting a consensus price target of $46.78.
• The company's recent earnings report revealed a loss of ($0.70) EPS, missing estimates, although revenue rose 81.6% year-over-year, totaling $20.69 million.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was up 2% during mid-day trading on Thursday . The stock traded as high as $43.03 and last traded at $41.81. Approximately 5,818,890 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 22,191,256 shares. The stock had previously closed at $40.97.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on IONQ shares. DA Davidson cut IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective for the company. in a research note on Thursday, August 7th. Rosenblatt Securities started coverage on IonQ in a research note on Tuesday, July 29th. They issued a "buy" rating and a $70.00 price objective for the company. Cantor Fitzgerald started coverage on IonQ in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price objective for the company. Benchmark raised their price objective on IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, B. Riley began coverage on IonQ in a research note on Wednesday, August 27th. They issued a "buy" rating and a $61.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $46.78.

IonQ Stock Up 2.8%

The firm has a 50-day moving average of $41.96 and a two-hundred day moving average of $34.45. The company has a market capitalization of $12.50 billion, a PE ratio of -20.95 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The company had revenue of $20.69 million for the quarter, compared to analysts' expectations of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The firm's revenue was up 81.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.18) earnings per share. Equities analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, Director Kathryn K. Chou sold 6,789 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $43.14, for a total value of $292,877.46. Following the sale, the director directly owned 60,839 shares of the company's stock, valued at approximately $2,624,594.46. This trade represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas G. Kramer sold 17,776 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $41.28, for a total value of $733,793.28. Following the completion of the sale, the chief financial officer directly owned 537,880 shares in the company, valued at approximately $22,203,686.40. The trade was a 3.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,209,626 shares of company stock valued at $361,253,723 in the last three months. 5.20% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Several institutional investors have recently bought and sold shares of the business. TD Waterhouse Canada Inc. grew its holdings in IonQ by 28.4% in the second quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company's stock valued at $40,000 after purchasing an additional 223 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of IonQ by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock worth $36,000 after acquiring an additional 279 shares during the last quarter. Rothschild Investment LLC boosted its stake in shares of IonQ by 12.2% in the second quarter. Rothschild Investment LLC now owns 2,720 shares of the company's stock worth $117,000 after acquiring an additional 295 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of IonQ by 4.7% in the second quarter. Nisa Investment Advisors LLC now owns 6,882 shares of the company's stock worth $296,000 after acquiring an additional 306 shares during the last quarter. Finally, Prospera Financial Services Inc boosted its stake in shares of IonQ by 0.8% in the second quarter. Prospera Financial Services Inc now owns 42,286 shares of the company's stock worth $1,817,000 after acquiring an additional 320 shares during the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

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.

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