IonQ (NYSE:IONQ) Stock Price Up 3.1% – Time to Buy?

Shares of IonQ, Inc. (NYSE:IONQ) rose 3.1% during mid-day trading on Wednesday . The stock traded as high as $22.73 and last traded at $21.95. Approximately 8,686,889 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 15,457,394 shares. The stock had previously closed at $21.28.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. DA Davidson raised IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. The Goldman Sachs Group boosted their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Benchmark reaffirmed a “buy” rating and issued a $45.00 price objective on shares of IonQ in a research note on Monday, March 31st. Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, 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. 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’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $44.80.

IonQ Price Performance

The firm has a market cap of $5.80 billion, a PE ratio of -32.14 and a beta of 2.50. The company has a 50-day simple moving average of $27.60 and a 200-day simple moving average of $28.09.

Insider Buying and Selling

In related news, Director William F. Scannell purchased 93,066 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the acquisition, the director now owns 135,047 shares in the company, valued at approximately $2,945,375.07. This trade represents a 221.69 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction dated 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 sale, the insider now owns 414,363 shares of the company’s stock, valued at $7,756,875.36. The trade was a 82.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,033,166 shares of company stock valued at $38,059,593. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC bought a new position in IonQ in the fourth quarter worth approximately $26,000. Smartleaf Asset Management LLC lifted its holdings in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after buying an additional 501 shares during the period. Measured Risk Portfolios Inc. bought a new position in shares of IonQ during the 4th quarter worth $27,000. TD Waterhouse Canada Inc. purchased a new position in shares of IonQ during the fourth quarter valued at $33,000. Finally, Future Financial Wealth Managment LLC raised its holdings in shares of IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock valued at $33,000 after acquiring an additional 500 shares in the last quarter. 41.42% of the stock is 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.