IonQ (NYSE:IONQ) Sees Strong Trading Volume – Still a Buy?

Shares of IonQ, Inc. (NYSE:IONQ) saw strong trading volume on Tuesday . 5,316,617 shares changed hands during mid-day trading, a decline of 15% from the previous session’s volume of 6,285,681 shares.The stock last traded at $14.33 and had previously closed at $14.76.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on IONQ shares. Benchmark decreased their price target on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Craig Hallum dropped their price target on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 target price on shares of IonQ in a research report on Wednesday, October 2nd. 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 research report on Friday, August 9th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $12.00.

IonQ Price Performance

The company has a market cap of $3.12 billion, a PE ratio of -17.77 and a beta of 2.05. The stock has a fifty day moving average price of $8.76 and a 200-day moving average price of $8.22.

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

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the sale, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 31,125 shares of company stock valued at $377,660 in the last quarter. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Carnegie Investment Counsel bought a new position in shares of IonQ during the 3rd quarter valued at $5,036,000. Oppenheimer & Co. Inc. lifted its position in shares of IonQ by 4.0% in the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after buying an additional 1,400 shares during the last quarter. Gamco Investors INC. ET AL bought a new stake in shares of IonQ during the 1st quarter worth about $185,000. Vanguard Group Inc. increased its holdings in shares of IonQ by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock valued at $221,864,000 after acquiring an additional 193,924 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in IonQ by 14.8% in the 1st quarter. Swiss National Bank now owns 343,600 shares of the company’s stock worth $3,433,000 after purchasing an additional 44,200 shares during the last quarter. 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.