IonQ (NYSE:IONQ) Trading 2.6% Higher – Still a Buy?

IonQ, Inc. (NYSE:IONQ) traded up 2.6% during trading on Wednesday . The stock traded as high as $34.29 and last traded at $34.84. 5,583,339 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 27,843,889 shares. The stock had previously closed at $33.94.

Wall Street Analyst Weigh In

A number of analysts have issued reports on IONQ shares. Benchmark raised their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC raised their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. DA Davidson raised IonQ to a “strong-buy” rating in a research note on Thursday. The Goldman Sachs Group raised their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Finally, Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $33.00.

IonQ Trading Down 6.0 %

The firm has a market capitalization of $6.87 billion, a PE ratio of -39.18 and a beta of 2.40. The business has a fifty day moving average price of $39.93 and a two-hundred day moving average price of $23.85.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares in the company, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IonQ

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. PDS Planning Inc boosted its holdings in IonQ by 2.6% during the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company’s stock valued at $494,000 after acquiring an additional 300 shares during the period. Mariner LLC raised its position in IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company’s stock valued at $2,276,000 after purchasing an additional 350 shares in the last quarter. Allworth Financial LP raised its position in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock valued at $116,000 after purchasing an additional 363 shares in the last quarter. GAMMA Investing LLC lifted its stake in IonQ by 73.2% during the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after purchasing an additional 480 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 shares during the last quarter. 41.42% of the stock is currently owned by hedge funds and other 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.