IonQ (NYSE:IONQ) Shares Gap Up – Time to Buy?

IonQ, Inc. (NYSE:IONQ) shares gapped up before the market opened on Thursday . The stock had previously closed at $26.76, but opened at $27.90. IonQ shares last traded at $25.40, with a volume of 7,984,193 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IONQ shares. Needham & Company LLC upped their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group dropped their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Finally, Craig Hallum raised their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Trading Up 11.4 %

The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of -35.98 and a beta of 1.89. The stock’s fifty day simple moving average is $13.00 and its 200-day simple moving average is $9.61.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same period in the prior year, the company posted ($0.22) EPS. The firm’s revenue was up 102.1% compared to the same quarter last year. On average, analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In other news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the sale, the executive now directly owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. The trade was a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently bought and sold shares of IONQ. Quest Partners LLC boosted its position in shares of IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new stake in IonQ during the second quarter worth approximately $67,000. nVerses Capital LLC acquired a new position in IonQ in the third quarter valued at approximately $72,000. Mosley Wealth Management purchased a new position in IonQ in the second quarter valued at approximately $81,000. Finally, Xponance Inc. acquired a new stake in IonQ during the second quarter worth approximately $88,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.