IonQ (NYSE:IONQ) Stock Price Up 5.8% - Is It Time to Buy?

IonQ, Inc. (NYSE:IONQ) saw its stock price increase by 5.8% recently. The stock reached a high price of $44.59 before closing at $43.87. A total of 9,025,229 shares changed hands during the trading day, which is significantly lower than the average trading volume of 34,233,129 shares. This follows a previous closing price of $41.47.

Wall Street Analysts Predict Positive Growth

Various analysts have provided insights regarding IonQ shares. DA Davidson initiated coverage with a "buy" rating and set a price target of $50.00. On November 7th, Needham & Company LLC raised their target from $13.00 to $18.00, also issuing a "buy" rating. Benchmark made a similar move, increasing their target from $12.00 to $22.00 on the same day and kept their "buy" stance. Craig Hallum issued a report on December 20th, upping the target from $22.00 to $45.00, with a continued recommendation to buy. The Goldman Sachs Group revised its target from $16.00 to $30.00, maintaining a "neutral" rating. Currently, one analyst holds a "hold" rating while four provide a "buy" rating, leading to an average rating of "Moderate Buy" and an average price target of $33.00 according to MarketBeat data.

Performance Analysis of IonQ Stock

IonQ holds a market capitalization of $8.95 billion and has a price-to-earnings ratio of -51.08, indicating that the stock is not generating profits currently. The stock has a beta of 2.41, reflecting higher volatility compared to the overall market. Over the past months, the fifty-day moving average stands at $39.02 and the 200-day moving average is $21.67.

In their most recent earnings announcement on November 6th, IonQ reported a loss of ($0.24) per share, which was slightly worse than the consensus estimate of ($0.22). Notably, the revenue for the quarter was recorded at $12.40 million, which surpassed analyst expectations of $10.56 million and represented a remarkable 102.1% year-over-year growth.

Insider Trading Activity

Recent insider trading has shown notable activity. On December 11th, Rima Alameddine, the Chief Revenue Officer (CRO), sold 21,337 shares at an average price of $29.73, amounting to $634,349.01. Following this transaction, Alameddine retains 571,321 shares with a value of approximately $16.99 million, marking a 3.60% decrease in ownership. Concurrently, CEO Peter Hume Chapman sold 13,106 shares, also for $29.73 each, bringing in $389,641.38, thus decreasing his holdings by 3.07%. In total, insiders have sold 44,223 shares worth $1.31 million over the last ninety days, indicating that 11.60% of the stock is owned by insiders.

Institutional Investors' Positions

Several institutional investors have adjusted their stakes in IonQ recently. The Manufacturers Life Insurance Company increased its position by 16.8%, now holding 115,782 shares valued at $814,000. Algert Global LLC took a new position in IonQ worth approximately $126,000. Handelsbanken Fonder AB raised its stake by 33.1% in the third quarter and now owns 69,200 shares valued at around $605,000. Meanwhile, Sovereign Financial Group and Carnegie Investment Counsel have also established new positions, signaling strong institutional interest. Overall, 41.42% of IonQ’s stock is owned by institutional investors and hedge funds.

About IonQ

IonQ, Inc. is engaged in developing general-purpose quantum computing systems in the United States. The company provides access to its quantum computers across various platforms, including Amazon Web Services (AWS), Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, among others.

IonQ, Stock, Investment