IonQ (NYSE:IONQ) Trading Up 2.4% - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price rose 2.4% during mid-day trading on Thursday . The company traded as high as $28.46 and last traded at $28.11. Approximately 4,000,509 shares traded hands during trading, a decline of 75% from the average daily volume of 16,085,016 shares. The stock had previously closed at $27.46.

Analysts Set New Price Targets

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

IonQ Trading Up 12.9 %

The company's 50 day moving average is $24.35 and its 200-day moving average is $29.75. The stock has a market cap of $6.89 billion, a PE ratio of -38.17 and a beta of 2.50.

Insider Buying and Selling

In other news, Director William F. Scannell purchased 93,066 shares of IonQ stock in a transaction dated 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 completion of the acquisition, the director now owns 135,047 shares in the company, valued at $2,945,375.07. The trade was a 221.69 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the sale, the insider now owns 414,363 shares in the company, valued at $7,756,875.36. The trade was a 82.84 % decrease in their position. The disclosure for this sale can be found here. Over 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 bought and sold shares of the stock. Pathway Financial Advisers LLC acquired a new position in shares of IonQ during the fourth quarter valued at approximately $26,000. ORG Partners LLC increased its position in shares of IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after purchasing an additional 870 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after buying an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. bought a new stake in IonQ during the fourth quarter worth approximately $27,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in IonQ during the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 41.42% of the company's stock.

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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