IonQ (NYSE:IONQ) Shares Up 1.8% – Still a Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price traded up 1.8% during trading on Wednesday . The company traded as high as $39.05 and last traded at $38.39. 6,303,966 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 29,890,510 shares. The stock had previously closed at $37.70.

Analyst Upgrades and Downgrades

IONQ has been the topic of several recent research reports. The Goldman Sachs Group increased their target price on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Benchmark increased their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson began coverage on IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. Needham & Company LLC increased their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

IonQ Stock Performance

The firm has a market cap of $8.25 billion, a PE ratio of -47.01 and a beta of 2.40. The firm’s 50 day moving average price is $39.56 and its two-hundred day moving average price is $22.67.

Insider Buying and Selling at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of IonQ stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the transaction, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,223 shares of company stock worth $1,314,652 over the last quarter. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Several hedge funds have recently modified their holdings of IONQ. Pathway Financial Advisers LLC purchased a new stake in IonQ during the 4th quarter worth about $26,000. Smartleaf Asset Management LLC increased its stake in shares of IonQ by 421.0% during the fourth 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. Golden State Wealth Management LLC acquired a new stake in IonQ in the fourth quarter valued at approximately $34,000. City State Bank purchased a new position in IonQ in the fourth quarter worth approximately $36,000. Finally, Hemington Wealth Management acquired a new position in IonQ during the 4th quarter worth approximately $37,000. 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.