IonQ (NYSE:IONQ) Shares Up 2.6% – Still a Buy?

IonQ, Inc. (NYSE:IONQ) shot up 2.6% during mid-day trading on Wednesday . The company traded as high as $34.29 and last traded at $34.84. 5,583,339 shares changed hands during trading, a decline of 80% from the average session volume of 27,843,889 shares. The stock had previously closed at $33.94.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on IONQ shares. The Goldman Sachs Group upped their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. DA Davidson assumed coverage on shares of IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price for the company. Needham & Company LLC increased their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum increased their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

IonQ Stock Performance

The firm has a market cap of $7.57 billion, a price-to-earnings ratio of -43.15 and a beta of 2.40. The stock has a 50-day moving average of $39.77 and a 200-day moving average of $23.71.

Insider Transactions at IonQ

In related news, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,223 shares of company stock valued at $1,314,652 in the last ninety days. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently bought and sold shares of the business. Pathway Financial Advisers LLC acquired a new position in shares of IonQ during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC boosted its position in 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 purchasing an additional 501 shares during the period. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ in the fourth quarter valued at $27,000. TD Waterhouse Canada Inc. bought a new position in shares of IonQ in the fourth quarter valued at about $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of IonQ during the 4th quarter worth about $34,000. 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.