IonQ (NYSE:IONQ) Stock Price Up 12.7% – Should You Buy?

IonQ, Inc. (NYSE:IONQ) shares shot up 12.7% on Monday . The company traded as high as $37.17 and last traded at $37.02. Approximately 5,608,251 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 25,466,324 shares. The stock had previously closed at $32.84.

Analyst Ratings Changes

Several analysts have recently commented on the stock. 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. Northland Securities upped their target price on shares of IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Wedbush reiterated an “outperform” rating and issued a $60.00 price target on shares of IonQ in a research note on Monday, May 4th. Morgan Stanley set a $48.50 price target on IonQ in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted their price objective on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus price target of $69.46.

IonQ Price Performance

The stock has a market cap of $13.09 billion, a P/E ratio of -125.58 and a beta of 3.23. The firm’s 50-day moving average price is $52.54 and its 200-day moving average price is $44.12.

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

Insider Activity at IonQ

In other news, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction dated 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 of the company’s stock, valued at approximately $4,408,941.48. The trade was a 4.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gabrielle B. Toledano sold 2,757 shares of IonQ stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the sale, the director directly owned 11,154 shares in the company, valued at $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,102 shares of company stock worth $701,489 in the last quarter. 0.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its stake in IonQ by 41.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 130,200 shares of the company’s stock worth $6,934,000 after acquiring an additional 38,000 shares during the last quarter. Fulton Bank N.A. bought a new position in shares of IonQ during the 2nd quarter valued at approximately $202,000. Wealthcare Advisory Partners LLC boosted its position in shares of IonQ by 33.9% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 11,541 shares of the company’s stock valued at $615,000 after acquiring an additional 2,923 shares during the last quarter. Bay Rivers Group purchased a new position in shares of IonQ in the second quarter valued at $337,000. Finally, Adamsbrown Wealth Consultants LLC purchased a new position in shares of IonQ in the second quarter valued at $221,000. Hedge funds and other institutional investors 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. 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.