IonQ (NYSE:IONQ) Stock Price Up 10.4% – Time to Buy?

IonQ, Inc. (NYSE:IONQ) shares rose 10.4% on Monday . The company traded as high as $64.90 and last traded at $62.6990. Approximately 28,364,307 shares changed hands during trading, an increase of 6% from the average daily volume of 26,716,070 shares. The stock had previously closed at $56.78.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of research reports. Needham & Company LLC decreased their target price on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. DA Davidson cut their price objective on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, February 26th. Northland Securities started coverage on shares of IonQ in a report on Monday, April 20th. They issued an “outperform” rating and a $55.00 target price for the company. Jefferies Financial Group set a $85.00 target price on shares of IonQ in a report on Thursday, May 7th. Finally, Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

IonQ Stock Performance

The company has a market cap of $21.16 billion, a P/E ratio of -202.45 and a beta of 3.18. The firm’s fifty day moving average is $48.42 and its two-hundred day moving average is $44.32.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. During the same period in the prior year, the company posted ($0.14) EPS. The company’s quarterly revenue was up 754.7% on a year-over-year basis. On average, equities research analysts expect that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Activity

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the transaction, the insider owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This represents a 2.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John W. Raymond sold 2,800 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the transaction, the insider directly owned 83,963 shares of the company’s stock, valued at $2,799,326.42. This trade represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of IonQ by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock valued at $1,560,343,000 after buying an additional 5,420,037 shares in the last quarter. State Street Corp raised its position in shares of IonQ by 42.3% during the 4th quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after buying an additional 2,663,230 shares in the last quarter. Geode Capital Management LLC raised its position in shares of IonQ by 21.9% during the 4th quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock valued at $361,624,000 after buying an additional 1,452,463 shares in the last quarter. Norges Bank purchased a new stake in shares of IonQ during the 4th quarter valued at about $199,753,000. Finally, Marex Group plc raised its position in shares of IonQ by 419.1% during the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after buying an additional 3,296,866 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.