IonQ (NYSE:IONQ) Trading 8.6% Higher – Still a Buy?
by Kim Johansen · The Markets DailyIonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price shot up 8.6% during trading on Tuesday . The stock traded as high as $29.18 and last traded at $28.8860. 22,962,983 shares were traded during trading, an increase of 8% from the average session volume of 21,191,713 shares. The stock had previously closed at $26.59.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the company. Benchmark reduced their price target on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Jefferies Financial Group initiated coverage on IonQ in a report on Tuesday, December 16th. They issued a “buy” rating and a $100.00 price objective for the company. Wall Street Zen upgraded IonQ from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of IonQ in a research note on Thursday, February 26th. Finally, Wedbush began coverage on IonQ in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price target for the company. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.45.
View Our Latest Research Report on IonQ
IonQ Stock Up 8.6%
The firm has a market cap of $10.59 billion, a P/E ratio of -11.60 and a beta of 2.61. The business has a fifty day simple moving average of $36.04 and a 200-day simple moving average of $49.23.
Insider Activity at IonQ
In other IonQ news, insider Robert T. Cardillo sold 5,165 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $39.44, for a total value of $203,707.60. Following the sale, the insider owned 112,291 shares in the company, valued at approximately $4,428,757.04. This represents a 4.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John W. Raymond sold 2,800 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the transaction, the insider directly owned 83,963 shares of the company’s stock, valued at $2,799,326.42. This represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 8,581 shares of company stock valued at $316,156 in the last three months. Company insiders own 5.20% of the company’s stock.
Hedge Funds Weigh In On IonQ
Large investors have recently modified their holdings of the stock. Stone House Investment Management LLC grew its position in IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after purchasing an additional 350 shares during the last quarter. Ameriflex Group Inc. raised its holdings in IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares during the last quarter. Hilltop National Bank raised its holdings in IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after buying an additional 225 shares during the last quarter. Financial Consulate Inc. purchased a new stake in shares of IonQ during the third quarter valued at approximately $29,000. Finally, UMB Bank n.a. purchased a new stake in shares of IonQ during the third quarter valued at approximately $31,000. 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.