IonQ (NYSE:IONQ) Sees Large Volume Increase – Time to Buy?

Shares of IonQ, Inc. (NYSE:IONQ) saw an uptick in trading volume on Monday . 7,566,228 shares were traded during trading, an increase of 14% from the previous session’s volume of 6,641,224 shares.The stock last traded at $17.14 and had previously closed at $16.96.

Analyst Ratings Changes

IONQ has been the topic of a number of research reports. Benchmark dropped their target price on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Needham & Company LLC restated 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 cut their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, Craig Hallum decreased their target price on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and an average price target of $12.00.

IonQ Trading Up 2.6 %

The firm has a market cap of $3.68 billion, a PE ratio of -20.66 and a beta of 2.05. The company’s 50-day moving average is $9.11 and its 200 day moving average is $8.33.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.04. The business had revenue of $11.38 million during the quarter, compared to analysts’ expectations of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. IonQ’s revenue was up 106.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.16) earnings per share. On average, research analysts predict that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 12,000 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $15.72, for a total value of $188,640.00. Following the completion of the sale, the executive now directly owns 615,533 shares of the company’s stock, valued at $9,676,178.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 43,125 shares of company stock valued at $566,300 in the last 90 days. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in IonQ by 5.1% in the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after purchasing an additional 918,265 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of IonQ by 27.3% in the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock valued at $18,661,000 after buying an additional 569,906 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in IonQ by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock worth $6,443,000 after buying an additional 131,439 shares during the last quarter. Carnegie Investment Counsel acquired a new position in IonQ in the third quarter worth approximately $5,036,000. Finally, Hussman Strategic Advisors Inc. raised its position in IonQ by 126.7% during the first quarter. Hussman Strategic Advisors Inc. now owns 357,000 shares of the company’s stock valued at $3,566,000 after acquiring an additional 199,500 shares in the last quarter. 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.