IonQ (NYSE:IONQ) Stock Price Up 3.7% – Should You Buy?

IonQ, Inc. (NYSE:IONQ) shares traded up 3.7% during mid-day trading on Tuesday . The company traded as high as $9.64 and last traded at $9.41. 2,735,370 shares traded hands during trading, a decline of 53% from the average session volume of 5,861,061 shares. The stock had previously closed at $9.07.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. The Goldman Sachs Group reduced their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Craig Hallum lowered their target price on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Benchmark dropped their price target on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, Needham & Company LLC restated a “buy” rating and set a $13.00 target price on shares of IonQ in a research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.00.

IonQ Stock Performance

The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -11.49 and a beta of 2.05. The business’s 50-day moving average is $7.68 and its two-hundred day moving average is $8.01.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The business had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. During the same period last year, the company earned ($0.16) earnings per share. IonQ’s quarterly revenue was up 106.4% on a year-over-year basis. Analysts forecast that IonQ, Inc. will post -0.84 EPS for the current year.

Institutional Trading of IonQ

A number of hedge funds have recently modified their holdings of the stock. Sovereign Financial Group Inc. bought a new position in IonQ during the 3rd quarter worth $266,000. Handelsbanken Fonder AB grew its position in IonQ by 33.1% in the third quarter. Handelsbanken Fonder AB now owns 69,200 shares of the company’s stock valued at $605,000 after acquiring an additional 17,200 shares during the last quarter. Granite Bay Wealth Management LLC acquired a new stake in shares of IonQ in the 2nd quarter valued at approximately $221,000. Algert Global LLC bought a new stake in shares of IonQ during the 2nd quarter valued at approximately $126,000. Finally, The Manufacturers Life Insurance Company increased its position in IonQ by 16.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 115,782 shares of the company’s stock worth $814,000 after purchasing an additional 16,642 shares in the last quarter. Institutional investors and hedge funds 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.