IonQ (NYSE:IONQ) Trading Up 0.3% – Still a Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price was up 0.3% on Monday . The stock traded as high as $15.11 and last traded at $14.89. Approximately 5,853,194 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 7,074,622 shares. The stock had previously closed at $14.85.

Analysts Set New Price Targets

Several analysts recently weighed in on IONQ shares. Craig Hallum cut their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. The Goldman Sachs Group dropped their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Benchmark dropped their target price on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Needham & Company LLC restated a “buy” rating and set a $13.00 target price on shares of IonQ in a report on Wednesday, October 2nd.

IonQ Price Performance

The company has a market cap of $3.12 billion, a P/E ratio of -18.85 and a beta of 1.88. The company’s 50-day moving average is $10.00 and its two-hundred day moving average is $8.63.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. The company had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm’s quarterly revenue was up 106.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.16) earnings per share. Equities research analysts anticipate that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IONQ. Janney Montgomery Scott LLC lifted its stake in shares of IonQ by 283.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company’s stock valued at $1,121,000 after buying an additional 82,891 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of IonQ by 1,598.7% during the 1st quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock valued at $20,825,000 after buying an additional 1,961,909 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after buying an additional 1,400 shares in the last quarter. Swiss National Bank lifted its stake in shares of IonQ by 14.8% during the 1st quarter. Swiss National Bank now owns 343,600 shares of the company’s stock valued at $3,433,000 after buying an additional 44,200 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of IonQ during the 1st quarter valued at $192,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

About IonQ

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.