IonQ (NYSE:IONQ) Trading Up 2.7% – Still a Buy?

IonQ, Inc. (NYSE:IONQ)’s share price was up 2.7% on Friday . The company traded as high as $72.17 and last traded at $72.0660. Approximately 28,119,180 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 26,444,396 shares. The stock had previously closed at $70.14.

Analysts Set New Price Targets

A number of analysts recently weighed in on IONQ shares. Needham & Company LLC decreased their price target on IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Benchmark decreased their price target on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Wedbush reaffirmed an “outperform” rating and set a $60.00 price objective on shares of IonQ in a report on Monday, May 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Finally, Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.63.

IonQ Stock Up 2.7%

The company has a market capitalization of $26.90 billion, a price-to-earnings ratio of -257.38 and a beta of 3.05. The stock has a fifty day moving average price of $43.76 and a two-hundred day moving average price of $43.63.

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

Insiders Place Their Bets

In other news, insider John W. Raymond sold 2,800 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the transaction, the insider directly owned 83,963 shares of the company’s stock, valued at $2,799,326.42. The trade was a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the transaction, the insider directly owned 139,967 shares of the company’s stock, valued at approximately $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors have recently made changes to their positions in the stock. Ameriflex Group Inc. raised its holdings in shares of IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after acquiring an additional 340 shares during the last quarter. Accent Capital Management LLC raised its holdings in shares of IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after acquiring an additional 371 shares during the last quarter. Fortitude Family Office LLC increased its stake in IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after purchasing an additional 608 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after purchasing an additional 656 shares during the last quarter. Finally, PeakShares LLC acquired a new position in IonQ in the first quarter valued at $29,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.