IonQ (NYSE:IONQ) Stock Price Up 0.5% – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price shot up 0.5% on Monday . The stock traded as high as $28.25 and last traded at $26.23. 8,573,248 shares were traded during trading, a decline of 45% from the average session volume of 15,706,791 shares. The stock had previously closed at $26.09.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Craig Hallum increased their target price on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. Benchmark reissued a “buy” rating and issued a $45.00 target price on shares of IonQ in a report on Monday, March 31st. The Goldman Sachs Group upped their target price on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Finally, DA Davidson cut their price target on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and an average price target of $41.80.

IonQ Price Performance

The firm’s 50 day moving average price is $26.63 and its two-hundred day moving average price is $28.45. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of -31.37 and a beta of 2.50.

Insider Buying and Selling at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the transaction, the chief financial officer now owns 944,510 shares in the company, valued at approximately $17,539,550.70. The trade was a 1.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 20,047 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $372,272.79. Following the transaction, the executive now directly owns 572,568 shares of the company’s stock, valued at approximately $10,632,587.76. This trade represents a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in IonQ by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company’s stock valued at $892,797,000 after acquiring an additional 125,144 shares during the period. Geode Capital Management LLC lifted its stake in shares of IonQ by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock valued at $186,593,000 after purchasing an additional 45,942 shares during the period. State Street Corp boosted its holdings in IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after buying an additional 75,596 shares in the last quarter. JPMorgan Chase & Co. grew its position in IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after buying an additional 2,293,231 shares during the period. Finally, Northern Trust Corp increased its holdings in IonQ by 12.6% in the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock valued at $80,809,000 after buying an additional 216,752 shares in the last quarter. Institutional investors and hedge funds 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.