IonQ (NYSE:IONQ) Trading Up 3.2% – Should You Buy?

IonQ, Inc. (NYSE:IONQ) rose 3.2% during mid-day trading on Tuesday . The stock traded as high as $19.18 and last traded at $18.85. Approximately 7,832,180 shares were traded during trading, a decline of 44% from the average daily volume of 13,906,692 shares. The stock had previously closed at $18.27.

Wall Street Analyst Weigh In

IONQ has been the topic of several recent analyst reports. Craig Hallum lifted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. The Goldman Sachs Group increased their price objective on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Benchmark cut their target price on shares of IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. Finally, DA Davidson raised shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $44.80.

IonQ Stock Performance

The firm has a market capitalization of $4.74 billion, a P/E ratio of -26.26 and a beta of 2.50. The stock has a 50-day moving average of $34.91 and a 200 day moving average of $25.64.

Insider Buying and Selling

In other IonQ news, insider Peter Hume Chapman sold 2,000,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the sale, the insider now owns 414,363 shares in the company, valued at approximately $7,756,875.36. The trade was a 82.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the transaction, the executive now owns 592,615 shares in the company, valued at $12,563,438. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Hedge funds have recently modified their holdings of the business. Integrated Advisors Network LLC acquired a new position in shares of IonQ in the fourth quarter valued at approximately $316,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in IonQ by 29.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company’s stock worth $15,146,000 after purchasing an additional 82,499 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of IonQ in the 4th quarter valued at about $7,081,000. Virtus Fund Advisers LLC acquired a new position in shares of IonQ during the fourth quarter worth about $42,000. Finally, Virtus Investment Advisers Inc. acquired a new position in shares of IonQ during the fourth quarter worth about $209,000. Institutional investors and hedge funds 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.