IonQ (NYSE:IONQ) Reaches New 12-Month High – Should You Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $29.52 and last traded at $28.61, with a volume of 3991198 shares trading hands. The stock had previously closed at $27.89.

Analyst Upgrades and Downgrades

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

IonQ Price Performance

The business’s 50 day moving average price is $14.73 and its 200 day moving average price is $10.16. The stock has a market capitalization of $7.03 billion, a P/E ratio of -40.13 and a beta of 1.89.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $10.56 million. During the same period last year, the firm posted ($0.22) EPS. IonQ’s quarterly revenue was up 102.1% compared to the same quarter last year. As a group, analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction that occurred 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 sale, the executive now owns 638,908 shares of the company’s stock, valued at $7,488,001.76. This trade represents a 1.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arete Wealth Advisors LLC purchased a new stake in IonQ during the third quarter worth approximately $91,000. Geode Capital Management LLC lifted its stake in IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in IonQ during the third quarter worth approximately $1,631,000. Main Management ETF Advisors LLC purchased a new stake in IonQ during the third quarter worth approximately $1,865,000. Finally, Zacks Investment Management lifted its stake in IonQ by 10.0% during the third quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock worth $1,352,000 after purchasing an additional 14,072 shares during the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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.