IonQ (NYSE:IONQ) Stock Price Up 7.4% - Still a Buy?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) were up 7.4% during trading on Monday . The stock traded as high as $44.10 and last traded at $43.23. Approximately 15,327,080 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 19,293,944 shares. The stock had previously closed at $40.25.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Benchmark reissued a "buy" rating and issued a $50.00 price target on shares of IonQ in a report on Wednesday, June 25th. DA Davidson lowered their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Morgan Stanley raised their price target on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price objective on shares of IonQ in a report on Wednesday, June 11th. Two research 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 has an average rating of "Moderate Buy" and a consensus price target of $40.00.

IonQ Stock Performance

The firm has a market cap of $10.51 billion, a price-to-earnings ratio of -26.97 and a beta of 2.59. The business's 50-day moving average is $36.46 and its 200-day moving average is $33.88.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.14. The company had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The company's revenue was down .2% on a year-over-year basis. During the same quarter last year, the business posted ($0.19) earnings per share. Equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other IonQ news, CEO Masi Niccolo De sold 2,597,500 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $40.34, for a total transaction of $104,783,150.00. Following the sale, the chief executive officer owned 711,987 shares of the company's stock, valued at $28,721,555.58. This represents a 78.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kathryn K. Chou sold 25,696 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.46, for a total transaction of $1,039,660.16. Following the completion of the sale, the director directly owned 62,115 shares of the company's stock, valued at approximately $2,513,172.90. This represents a 29.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,972,201 shares of company stock valued at $350,540,009. Insiders own 5.20% of the company's stock.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently added to or reduced their stakes in IONQ. PDS Planning Inc boosted its stake in IonQ by 2.6% in the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company's stock valued at $494,000 after acquiring an additional 300 shares during the last quarter. Mariner LLC lifted its stake in shares of IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company's stock valued at $2,276,000 after purchasing an additional 350 shares during the period. Future Financial Wealth Managment LLC boosted its position in shares of 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. Miracle Mile Advisors LLC grew its stake in shares of IonQ by 2.5% during the first quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock worth $452,000 after purchasing an additional 500 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after purchasing an additional 501 shares during the last quarter. Institutional investors 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.