IonQ (NYSE:IONQ) Stock Moves Up 2.6% - Is It a Good Investment?

IonQ, Inc. (NYSE:IONQ) saw its stock price rise by 2.6% during trading on Wednesday. It reached a high of $34.29 and eventually traded at $34.84. The total volume of shares traded was 5,583,339, which is a significant drop of 80% compared to the average volume of 27,843,889 shares. The stock had closed the previous day at $33.94.

Analysis from Wall Street

Several analysts have recently provided their insights on IonQ. The Goldman Sachs Group raised its price target from $16.00 to $30.00 and rated the stock as "neutral" in a report published on January 10. Craig Hallum increased its target from $22.00 to $45.00, giving IonQ a "buy" rating in a report on December 20. Benchmark also upgraded the target from $12.00 to $22.00 and rated IonQ as a "buy" in their report on November 7. Additionally, DA Davidson assigned a "strong-buy" rating for IonQ recently. Needham & Company LLC raised its target price from $13.00 to $18.00, maintaining a "buy" rating in their report on November 7. Currently, one analyst rates IonQ as a hold, while three analysts recommend it as a buy and one as a strong buy. According to MarketBeat.com, IonQ holds a consensus rating of "Buy" and an average price target of $33.00.

Ineffective Market Indicators

IonQ's stock has decreased by 6.0% recently. The company has a fifty-day simple moving average of $39.93 and a two-hundred-day moving average of $23.85. Its market capitalization stands at $6.87 billion, while the price-to-earnings (P/E) ratio is -39.18, indicating some volatility.

Insider Selling Activity

Recently, CEO Peter Hume Chapman sold 13,106 shares on December 11 at an average price of $29.73, bringing the total value of the transaction to approximately $389,641. Following this sale, he owns about 414,363 shares valued around $12.3 million, which shows a decrease of 3.07% in his holdings. CFO Thomas G. Kramer also sold 9,780 shares on the same day for about $290,661. This sale reflects a 1.04% reduction in his ownership. Altogether, insiders have sold 44,223 shares valued at $1.31 million within the last three months, with corporate insiders owning about 11.60% of the stock.

Institutional Investor Movements

Various significant investors have altered their positions in IonQ recently. UBS AM, part of UBS Asset Management Americas LLC, increased its stake in IonQ by 29.5% in the fourth quarter, owning now 362,603 shares worth $15.15 million after purchasing an additional 82,499 shares. Voloridge Investment Management LLC acquired a new stake valued at approximately $7.08 million. In addition, Virtus Fund Advisers LLC and Virtus Investment Advisers Inc. bought new positions valued at $42,000 and $209,000 respectively. Visionary Wealth Advisors also established a new position worth around $567,000. Hedge funds and institutional investors collectively hold about 41.42% of IonQ's shares.

About IonQ

IonQ, Inc. is focused on developing quantum computing systems in the United States. The company offers access to quantum computers with various qubit capacities via cloud platforms that include Amazon Web Services (AWS), Microsoft Azure Quantum, and Google Cloud Marketplace.

Investment Considerations

Before considering an investment in IonQ, it’s wise to note that, while analysts have a "Buy" rating for the stock, there are other options that top-rated analysts may recommend as more favorable investments.

IonQ, Stocks, Investment