IonQ (NYSE:IONQ) Stock Price Up 3.1% – Time to Buy?

IonQ, Inc. (NYSE:IONQ) was up 3.1% during mid-day trading on Wednesday . The company traded as high as $22.73 and last traded at $21.95. Approximately 8,686,889 shares traded hands during trading, a decline of 44% from the average daily volume of 15,457,394 shares. The stock had previously closed at $21.28.

Analyst Ratings Changes

IONQ has been the subject of a number of recent research reports. 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 research note on Friday, January 10th. DA Davidson raised IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum raised their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Benchmark reiterated a “buy” rating and issued a $45.00 target price on shares of IonQ in a report on Monday, March 31st. Finally, Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, IonQ presently has a consensus rating of “Buy” and a consensus target price of $44.80.

IonQ Trading Up 0.6 %

The stock has a 50-day moving average price of $27.60 and a two-hundred day moving average price of $28.09. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of -32.14 and a beta of 2.50.

Insiders Place Their Bets

In other news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the sale, the insider now directly owns 414,363 shares in the company, valued at approximately $7,756,875.36. The trade was a 82.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas G. Kramer sold 11,712 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the transaction, the chief financial officer now directly owns 944,510 shares in the company, valued at approximately $17,539,550.70. The trade was a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. FMR LLC grew its holdings in IonQ by 7.2% during the third quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after acquiring an additional 41,125 shares during the period. Verition Fund Management LLC acquired a new stake in shares of IonQ during the 3rd quarter worth approximately $479,000. HighTower Advisors LLC grew its stake in shares of IonQ by 29.3% during the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after purchasing an additional 4,288 shares during the period. State Street Corp increased its holdings in shares of IonQ by 1.8% during the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after purchasing an additional 75,596 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after purchasing an additional 199,360 shares during the period. 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.