IonQ (NYSE:IONQ) Stock Price Up 0.1% – Still a Buy?

IonQ, Inc. (NYSE:IONQ) shot up 0.1% on Thursday . The company traded as high as $25.20 and last traded at $24.83. 6,501,364 shares changed hands during trading, a decline of 56% from the average session volume of 14,847,482 shares. The stock had previously closed at $24.80.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Craig Hallum lifted their price target on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. Benchmark reduced their price target on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group boosted their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Finally, DA Davidson raised shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $44.80.

IonQ Trading Down 3.1 %

The stock has a 50 day simple moving average of $31.35 and a 200 day simple moving average of $26.89. The firm has a market capitalization of $5.11 billion, a PE ratio of -28.30 and a beta of 2.50.

Insider Transactions at IonQ

In other news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares in the company, valued at approximately $7,756,875.36. This trade represents a 82.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 20,047 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $372,272.79. Following the transaction, the executive now owns 572,568 shares of the company’s stock, valued at approximately $10,632,587.76. This represents a 3.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several large investors have recently added to or reduced their stakes in IONQ. Intech Investment Management LLC purchased a new stake in shares of IonQ in the 3rd quarter worth about $381,000. Charles Schwab Investment Management Inc. lifted its holdings in IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after buying an additional 135,851 shares during the period. D.A. Davidson & CO. lifted its holdings in IonQ by 15.6% in the third quarter. D.A. Davidson & CO. now owns 94,568 shares of the company’s stock worth $827,000 after buying an additional 12,788 shares during the period. FMR LLC boosted its position in IonQ by 7.2% during the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after acquiring an additional 41,125 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after acquiring an additional 111,435 shares during the period. Institutional investors 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.