IonQ (NYSE:IONQ) Stock Price Up 4.2% – Time to Buy?

IonQ, Inc. (NYSE:IONQ)’s share price rose 4.2% on Friday . The company traded as high as $10.33 and last traded at $10.22. Approximately 3,428,123 shares changed hands during trading, a decline of 42% from the average daily volume of 5,903,800 shares. The stock had previously closed at $9.81.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on IONQ shares. The Goldman Sachs Group reduced their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Needham & Company LLC restated a “buy” rating and issued a $13.00 price target on shares of IonQ in a research note on Wednesday, October 2nd. Benchmark reduced their price objective on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Craig Hallum lowered their target price on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average price target of $12.00.

IonQ Price Performance

The firm has a market capitalization of $2.28 billion, a P/E ratio of -13.06 and a beta of 2.05. The firm’s fifty day moving average price is $7.73 and its 200-day moving average price is $8.03.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The firm had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. During the same quarter last year, the business posted ($0.16) EPS. IonQ’s revenue was up 106.4% on a year-over-year basis. Analysts expect that IonQ, Inc. will post -0.84 earnings per share for the current year.

Institutional Trading of IonQ

A number of hedge funds have recently modified their holdings of the business. SG Americas Securities LLC increased its stake in shares of IonQ by 1,598.7% in the first quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock worth $20,825,000 after acquiring an additional 1,961,909 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of IonQ by 5.1% in the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock worth $188,062,000 after acquiring an additional 918,265 shares during the last quarter. Carnegie Investment Counsel acquired a new position in shares of IonQ in the third quarter worth $5,036,000. Gagnon Securities LLC acquired a new position in shares of IonQ in the first quarter worth $2,410,000. Finally, Hussman Strategic Advisors Inc. increased its stake in shares of IonQ by 126.7% in the first quarter. Hussman Strategic Advisors Inc. now owns 357,000 shares of the company’s stock worth $3,566,000 after acquiring an additional 199,500 shares during the last quarter. Hedge funds and other 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.