IonQ (NYSE:IONQ) Shares Up 3.3% – Still a Buy?

IonQ, Inc. (NYSE:IONQ) was up 3.3% during mid-day trading on Thursday . The company traded as high as $56.66 and last traded at $56.48. Approximately 20,178,305 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 26,562,592 shares. The stock had previously closed at $54.69.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Northland Securities initiated coverage on IonQ in a research note on Monday, April 20th. They issued an “outperform” rating and a $55.00 price objective on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of IonQ in a research report on Thursday, June 11th. Benchmark lowered their target price on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Morgan Stanley set a $48.50 price target on IonQ in a research report on Thursday, May 7th. Finally, Weiss Ratings upgraded IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, IonQ currently has an average rating of “Moderate Buy” and an average target price of $68.62.

IonQ Trading Up 3.3%

The firm’s 50-day moving average price is $51.90 and its two-hundred day moving average price is $44.84. The stock has a market cap of $21.08 billion, a PE ratio of -201.71 and a beta of 3.18.

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

Insider Activity

In other news, insider Robert T. Cardillo sold 3,773 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the transaction, the insider directly owned 139,967 shares of the company’s stock, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

A number of institutional investors have recently modified their holdings of the company. Ameriflex Group Inc. grew its position in shares of IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares during the last quarter. Accent Capital Management LLC lifted its position in IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after acquiring an additional 371 shares during the last quarter. Fortitude Family Office LLC boosted its stake in IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after acquiring an additional 608 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in IonQ by 216.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after buying an additional 656 shares during the last quarter. Finally, PeakShares LLC purchased a new stake in shares of IonQ during the first quarter worth about $29,000. 41.42% of the stock is currently owned by institutional investors.

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. 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.