IonQ (NYSE:IONQ) Sets New 1-Year High – Still a Buy?

IonQ, Inc. (NYSE:IONQ)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $15.86 and last traded at $15.49, with a volume of 7807381 shares traded. The stock had previously closed at $15.01.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price target on shares of IonQ in a research report on Wednesday, October 2nd. The Goldman Sachs Group dropped their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Craig Hallum reduced their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Benchmark lowered their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.00.

IonQ Trading Up 6.4 %

The business has a fifty day moving average price of $8.76 and a two-hundred day moving average price of $8.22. The company has a market cap of $3.32 billion, a price-to-earnings ratio of -18.90 and a beta of 2.05.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. The firm had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The company’s revenue for the quarter was up 106.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.16) EPS. On average, analysts anticipate that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 31,125 shares of company stock worth $377,660. Corporate insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several large investors have recently added to or reduced their stakes in IONQ. Carnegie Investment Counsel bought a new position in shares of IonQ during the 3rd quarter valued at $5,036,000. Oppenheimer & Co. Inc. lifted its position in shares of IonQ by 4.0% in the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after buying an additional 1,400 shares during the last quarter. Gamco Investors INC. ET AL bought a new stake in shares of IonQ during the 1st quarter worth about $185,000. Vanguard Group Inc. increased its holdings in shares of IonQ by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock valued at $221,864,000 after acquiring an additional 193,924 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of IonQ by 14.8% in the 1st quarter. Swiss National Bank now owns 343,600 shares of the company’s stock valued at $3,433,000 after acquiring an additional 44,200 shares in the last quarter. 41.42% of the stock is owned by institutional investors.

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.