IonQ (NYSE:IONQ) Sees Strong Trading Volume – Time to Buy?

IonQ, Inc. (NYSE:IONQ) shares saw unusually-high trading volume on Wednesday . 10,906,042 shares traded hands during mid-day trading, an increase of 19% from the previous session’s volume of 9,156,572 shares.The stock last traded at $29.19 and had previously closed at $30.65.

Wall Street Analysts Forecast Growth

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

IonQ Stock Performance

The company has a 50 day moving average price of $17.10 and a 200 day moving average price of $10.94. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of -39.77 and a beta of 1.89.

IonQ (NYSE:IONQ) last issued its earnings results 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 firm had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same period in the previous year, the company earned ($0.22) earnings per share. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. Research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity

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 stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the transaction, the executive now owns 638,908 shares in the company, valued at $7,488,001.76. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 66,000 shares of company stock worth $972,331 over the last three months. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Several large investors have recently bought and sold shares of IONQ. Quest Partners LLC raised its holdings in shares of IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in IonQ in the 2nd quarter worth about $67,000. nVerses Capital LLC bought a new position in shares of IonQ during the 3rd quarter worth approximately $72,000. Mosley Wealth Management purchased a new position in shares of IonQ in the 2nd quarter worth approximately $81,000. Finally, Xponance Inc. bought a new position in shares of IonQ in the second quarter valued at approximately $88,000. 41.42% of the stock is currently owned by institutional investors.

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.