IonQ (NYSE:IONQ) Shares Up 12.7% - Should You Buy?

IonQ, Inc. (NYSE:IONQ) saw a significant increase in its stock price, rising 12.7% during trading on Friday. The shares reached a high of $37.28 before closing at $36.29. In total, 15,603,210 shares were traded, reflecting a notable 68% increase compared to the average daily trading volume of 9,260,636 shares. The previous close was at $32.21.

Analysts Set New Price Targets

A range of financial analysts recently reviewed IonQ and set new price targets for the stock. The Goldman Sachs Group notably reduced their price target for IonQ from $11.50 to $8.00, assigning a "neutral" rating on August 9th. On the other hand, Needham & Company LLC raised their target from $13.00 to $18.00 while giving the stock a "buy" rating on November 7th. Additionally, Craig Hallum increased their target from $15.00 to $22.00 with a "buy" designation, and Benchmark also matched this increase and rating.

IonQ Price Performance

As of now, IonQ has a fifty-day moving average price of $17.10 and a two-hundred-day moving average price of $10.94. The company's market capitalization stands at approximately $7.94 billion, with a PE ratio of -44.80 and a beta value of 1.89. IonQ last reported its earnings results on November 6th, posting earnings of ($0.24) per share, which was slightly below the consensus estimate of ($0.22). However, the company reported a revenue of $12.40 million, surpassing the consensus of $10.56 million. Year-over-year, revenue increased significantly by 102.1%, while the company continues to face challenges with a negative net margin of 457.85% and a negative return on equity of 36.82%. Analysts project that IonQ will report earnings of -0.86 per share for the current fiscal year.

Insider Transactions at IonQ

In recent insider trading news, Rima Alameddine, the Chief Revenue Officer, sold 22,875 shares of IonQ on October 28th for an average price of $17.75, totaling approximately $406,031. After this transaction, she retains ownership of 592,658 shares, valued at around $10,519,679.50, which indicates a 3.72% decrease in her position. Overall, insiders have sold 66,000 shares, valued at $972,331, in the last quarter, and corporate insiders currently hold 11.60% of the stock.

Hedge Funds Weigh In On IonQ

Recent changes in institutional investment show that hedge funds are adjusting their stakes in IonQ. Quest Partners LLC notably increased its stake by 4,824.2% in the second quarter, now owning 6,500 shares worth $46,000. Likewise, nVerses Capital LLC acquired a new position in IonQ in the third quarter, valued at $72,000. Other firms, including Redwood Wealth Management Group and Impact Partnership Wealth, also invested new capital totaling around $67,000 and $89,000, respectively. Institutional investors overall hold 41.42% of IonQ's stock.

IonQ Company Profile

IonQ, Inc. focuses on developing general-purpose quantum computing systems in the United States. The company offers access to quantum computers through various cloud platforms including Amazon Web Services, Microsoft Azure, and Google Cloud Marketplace.

Investment Considerations

When considering an investment in IonQ, potential investors should examine various factors such as the recent price movements, analysts' ratings, earnings performance, and insider trading activities. IonQ currently enjoys a "Moderate Buy" rating, but some top-rated analysts believe there may be more attractive investment opportunities available.

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