IonQ (NYSE:IONQ) Shares Gap Up – Time to Buy?

IonQ, Inc. (NYSE:IONQ)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $31.80, but opened at $34.30. IonQ shares last traded at $34.67, with a volume of 2,384,646 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on IONQ shares. Needham & Company LLC upped their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Benchmark upped their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Craig Hallum increased their target price on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group lowered their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th.

IonQ Stock Down 2.5 %

The company has a market cap of $6.71 billion, a P/E ratio of -40.11 and a beta of 1.89. The stock has a 50 day moving average price of $15.21 and a two-hundred day moving average price of $10.34.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The company had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.22) EPS. Equities analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the sale, the executive now owns 638,908 shares of the company’s stock, valued at $7,488,001.76. This trade represents a 1.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold 66,000 shares of company stock valued at $972,331 over the last 90 days. 11.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of IonQ by 5.1% in the 1st 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 in the last quarter. Geode Capital Management LLC raised its position in shares of IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after acquiring an additional 199,360 shares in the last quarter. State Street Corp raised its position in shares of IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after acquiring an additional 75,596 shares in the last quarter. SG Americas Securities LLC raised its position in shares of IonQ by 27.3% in the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock worth $18,661,000 after acquiring an additional 569,906 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares during the period. 41.42% of the stock is 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.