IonQ (NYSE:IONQ) Stock Price Up 3.7% – Still a Buy?

IonQ, Inc. (NYSE:IONQ)’s share price was up 3.7% on Tuesday . The stock traded as high as $36.06 and last traded at $35.5240. 20,025,522 shares were traded during mid-day trading, a decline of 22% from the average session volume of 25,824,059 shares. The stock had previously closed at $34.24.

Analyst Ratings Changes

Several equities research analysts have issued reports on IONQ shares. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of IonQ in a research report on Thursday, June 11th. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. increased their target price on IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Northland Securities lifted their price target on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Finally, Wedbush restated an “outperform” rating and issued a $60.00 price target on shares of IonQ in a research note on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and an average target price of $69.88.

IonQ Stock Down 2.2%

The firm has a market capitalization of $12.96 billion, a price-to-earnings ratio of -123.99 and a beta of 3.23. The company’s 50 day moving average is $53.39 and its 200 day moving average is $44.32.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The business had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.IonQ’s revenue for the quarter was up 754.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.14) EPS. On average, analysts expect that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, Director Gabrielle B. Toledano sold 2,757 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the sale, the director owned 11,154 shares of the company’s stock, valued at $613,581.54. This represents a 19.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John W. Raymond sold 3,815 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the sale, the insider directly owned 80,148 shares in the company, valued at $4,408,941.48. This represents a 4.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,102 shares of company stock valued at $701,489 over the last ninety days. Company insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

A number of institutional investors have recently modified their holdings of the stock. Beaird Harris Wealth Management LLC increased its position in shares of IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after purchasing an additional 270 shares during the period. Accent Capital Management LLC lifted its position in IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after purchasing an additional 371 shares during the period. Kelleher Financial Advisors acquired a new stake in IonQ during the third quarter worth about $36,000. Fortitude Family Office LLC grew its stake in IonQ by 3,800.0% during the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after buying an additional 608 shares in the last quarter. Finally, Banque Transatlantique SA bought a new position in IonQ in the 3rd quarter valued at about $43,000. 41.42% of the stock is currently owned by institutional investors.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.