IonQ (NYSE:IONQ) Stock Price Up 12.7% – Still a Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price shot up 12.7% on Friday . The stock traded as high as $37.28 and last traded at $36.29. 15,603,210 shares were traded during trading, an increase of 68% from the average session volume of 9,260,636 shares. The stock had previously closed at $32.21.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IONQ. Needham & Company LLC upped their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group dropped their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Benchmark increased their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum increased their target price on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Trading Up 13.3 %

The stock has a market cap of $7.90 billion, a price-to-earnings ratio of -45.06 and a beta of 1.89. The business’s fifty day simple moving average is $17.66 and its 200 day simple moving average is $11.15.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same period in the prior year, the business earned ($0.22) earnings per share. The company’s revenue for the quarter was up 102.1% compared to the same quarter last year. As a group, research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 9,875 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total value of $115,735.00. Following the transaction, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This represents a 1.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 66,000 shares of company stock worth $972,331. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IONQ. Quest Partners LLC grew its position in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in IonQ in the second quarter worth approximately $67,000. nVerses Capital LLC bought a new stake in IonQ in the third quarter worth approximately $72,000. Mosley Wealth Management acquired a new position in IonQ in the second quarter valued at approximately $81,000. Finally, Xponance Inc. bought a new position in shares of IonQ during the 2nd quarter worth approximately $88,000. Institutional investors 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.