IonQ (NYSE:IONQ) Trading Up 4.6% - Should You Buy?

Key Points

• IonQ's stock price increased by 4.6% to $42.64, with a trading volume significantly lower than its average.
• Analyst ratings for IonQ show a consensus of Moderate Buy, with a target price averaging $46.78.
• Despite an earnings miss of ($0.70) EPS for the last quarter, revenue increased by 81.6% year-over-year.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was up 4.6% during trading on Wednesday . The company traded as high as $42.35 and last traded at $42.64. Approximately 7,086,675 shares traded hands during trading, a decline of 68% from the average daily volume of 22,459,436 shares. The stock had previously closed at $40.75.

Analyst Ratings Changes

A number of equities analysts have recently commented on IONQ shares. Morgan Stanley raised their price objective on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Benchmark raised their price objective on shares of IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, July 7th. DA Davidson downgraded shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective for the company. in a report on Thursday, August 7th. Wolfe Research began coverage on shares of IonQ in a report on Wednesday, July 30th. They set a "peer perform" rating for the company. Finally, Needham & Company LLC reiterated a "buy" rating on shares of IonQ in a research report on Monday, August 4th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, IonQ has an average rating of "Moderate Buy" and a consensus target price of $46.78.

IonQ Stock Performance

The firm has a market cap of $12.39 billion, a price-to-earnings ratio of -20.82 and a beta of 2.54. The business's 50-day moving average is $41.67 and its 200-day moving average is $34.26.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The company's revenue was up 81.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.18) EPS. Equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 17,776 shares of the firm's stock in a transaction dated 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 owned 537,880 shares in the company, valued at approximately $22,203,686.40. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kathryn K. Chou sold 6,789 shares of the firm's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $43.14, for a total transaction of $292,877.46. Following the completion of the sale, the director owned 60,839 shares of the company's stock, valued at $2,624,594.46. The trade was a 10.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,209,626 shares of company stock worth $361,253,723. 5.20% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

Institutional investors have recently modified their holdings of the business. Archer Investment Corp grew its position in shares of IonQ by 119.3% during the 2nd quarter. Archer Investment Corp now owns 592 shares of the company's stock worth $25,000 after buying an additional 322 shares during the period. Measured Risk Portfolios Inc. acquired a new stake in shares of IonQ during the 4th quarter worth approximately $27,000. TD Waterhouse Canada Inc. acquired a new stake in shares of IonQ during the 4th quarter worth approximately $33,000. EverSource Wealth Advisors LLC grew its position in shares of IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock worth $36,000 after buying an additional 279 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of IonQ during the 2nd quarter worth approximately $39,000. 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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