IonQ (NYSE:IONQ) Stock Price Up 6.8% – Still a Buy?

IonQ, Inc. (NYSE:IONQ) rose 6.8% during trading on Tuesday. The company traded as high as $30.19 and last traded at $30.0790. Approximately 17,277,274 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 24,401,600 shares. The stock had previously closed at $28.17.

IonQ News Summary

Here are the key news stories impacting IonQ this week:

• Positive Sentiment: South Korea plans to integrate its national supercomputer with an IonQ quantum system, a potential sign of growing institutional adoption. South Korea to Integrate National Supercomputer with IonQ Quantum System
• Positive Sentiment: IonQ’s second-quarter revenue grew 287%, and its completed acquisition of SkyWater Technology gives the company more control over chip manufacturing—supporting the growth and strategic rationale investors may be focusing on. 2 Unstoppable Quantum Computing Stocks to Buy Hand Over Fist Before the Next Rally
• Neutral Sentiment: B. Riley lowered its price target to $75 from $100 but maintained a Buy rating. The cut tempers the bullish outlook, while the retained rating signals continued analyst support. Could IonQ Actually Climb 162%? Or Is B. Riley Totally Wrong?
• Negative Sentiment: IonQ shares had fallen 32% over the prior month as quantum stocks gave back gains. Broader weakness in technology shares and reduced appetite for speculative growth investments remain headwinds for the sector. IonQ Just Dropped 32% In a Month: Is IONQ Stock Hopeless or Ready for a Rebound?

Analysts Set New Price Targets

A number of equities analysts have issued reports on IONQ shares. Wedbush restated an “outperform” rating and set a $75.00 target price on shares of IonQ in a research report on Tuesday, October 13th. Mizuho lowered their price target on shares of IonQ from $61.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 9th. Wall Street Zen lowered shares of IonQ from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Morgan Stanley dropped their price objective on shares of IonQ from $49.00 to $43.00 and set an “equal weight” rating for the company in a research note on Thursday, October 15th. Finally, Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of IonQ in a research report on Tuesday, October 13th. Ten analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $64.23.

IonQ Price Performance

The firm has a market capitalization of $12.92 billion, a PE ratio of -6.45 and a beta of 3.36. The company has a 50-day moving average price of $37.86 and a 200-day moving average price of $41.98.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.23. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%. The firm had revenue of $80.05 million during the quarter, compared to analysts’ expectations of $66.47 million. During the same quarter last year, the business posted ($0.70) EPS. The firm’s quarterly revenue was up 286.7% compared to the same quarter last year. On average, research analysts predict that IonQ, Inc. will post -2.96 earnings per share for the current fiscal year.

Insider Activity

In other news, insider John Raymond sold 2,407 shares of IonQ stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $37.21, for a total transaction of $89,564.47. Following the completion of the sale, the insider directly owned 77,741 shares in the company, valued at $2,892,742.61. The trade was a 3.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors and hedge funds have recently modified their holdings of the company. Archer Investment Corp purchased a new position in shares of IonQ in the 2nd quarter worth about $25,000. EFG International AG acquired a new stake in IonQ during the 2nd quarter worth approximately $30,000. N.E.W. Advisory Services LLC acquired a new stake in IonQ during the 2nd quarter worth approximately $42,000. Blueline Advisors LLC acquired a new stake in IonQ during the 3rd quarter worth approximately $41,000. Finally, EverSource Wealth Advisors LLC raised its holdings in IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after buying an additional 656 shares during the period. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.