IonQ (NYSE:IONQ) Shares Gap Up – Should You Buy?

IonQ, Inc. (NYSE:IONQ) shares gapped up before the market opened 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 traded.

Analyst Ratings Changes

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

IonQ Trading Down 0.7 %

The firm has a fifty day moving average price of $16.12 and a 200 day moving average price of $10.64.

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

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total value of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares in the company, valued at approximately $7,488,001.76. This represents a 1.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 66,000 shares of company stock worth $972,331. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several institutional investors have recently added to or reduced their stakes in IONQ. Arete Wealth Advisors LLC purchased a new position in IonQ during the 3rd quarter valued at about $91,000. Geode Capital Management LLC boosted its stake in shares of IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after purchasing an additional 199,360 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of IonQ in the third quarter valued at approximately $1,631,000. Main Management ETF Advisors LLC purchased a new stake in IonQ during the 3rd quarter worth approximately $1,865,000. Finally, Zacks Investment Management grew its stake in shares of IonQ by 10.0% in the third quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock worth $1,352,000 after acquiring an additional 14,072 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

About IonQ

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.