IonQ (NYSE:IONQ) Trading Up 4.3% - Time to Buy?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shot up 4.3% on Monday . The company traded as high as $42.55 and last traded at $40.70. 18,842,994 shares were traded during mid-day trading, an increase of 4% from the average session volume of 18,157,285 shares. The stock had previously closed at $39.02.

Wall Street Analyst Weigh In

IONQ has been the subject of several research reports. Needham & Company LLC restated a "buy" rating and set a $50.00 price objective on shares of IonQ in a research report on Wednesday. Benchmark raised their target price on shares of IonQ from $40.00 to $50.00 and gave the stock a "buy" rating in a report on Tuesday. 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 report on Monday, April 14th. Finally, Morgan Stanley increased their price objective on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, IonQ currently has an average rating of "Moderate Buy" and an average price target of $40.00.

IonQ Price Performance

The firm's fifty day simple moving average is $32.15 and its 200 day simple moving average is $33.22. The company has a market capitalization of $8.87 billion, a price-to-earnings ratio of -49.13 and a beta of 2.59.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $7.51 million. During the same quarter last year, the business posted ($0.19) EPS. The company's revenue was down .2% on a year-over-year basis. Equities research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Masi Niccolo De sold 9,280 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $42.23, for a total value of $391,894.40. Following the completion of the sale, the chief executive officer now directly owns 711,987 shares of the company's stock, valued at $30,067,211.01. This represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently modified their holdings of the stock. PDS Planning Inc increased its stake in shares of IonQ by 2.6% in the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company's stock worth $494,000 after acquiring an additional 300 shares during the last quarter. Mariner LLC grew its stake in IonQ by 0.6% in the fourth quarter. Mariner LLC now owns 54,479 shares of the company's stock valued at $2,276,000 after purchasing an additional 350 shares in the last quarter. Allworth Financial LP increased its position in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company's stock worth $116,000 after purchasing an additional 363 shares during the last quarter. Future Financial Wealth Managment LLC increased its position in IonQ by 50.0% in the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after purchasing an additional 500 shares during the last quarter. Finally, Miracle Mile Advisors LLC raised its stake in shares of IonQ by 2.5% during the 1st quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock worth $452,000 after purchasing an additional 500 shares in the last quarter. 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.