IonQ (NYSE:IONQ) Earns Buy Rating from Analysts at Rosenblatt Securities

Equities research analysts at Rosenblatt Securities initiated coverage on shares of IonQ (NYSE:IONQ) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $70.00 price target on the stock. Rosenblatt Securities’ target price suggests a potential upside of 75.70% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Cantor Fitzgerald began coverage on shares of IonQ in a research note on Wednesday, July 2nd. They set an “overweight” rating and a $45.00 price target on the stock. Morgan Stanley upped their target price on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Benchmark upped their target price on shares of IonQ from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, July 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Finally, DA Davidson decreased their target price on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

IonQ Stock Down 1.7%

IONQ opened at $39.84 on Tuesday. The stock has a market cap of $10.42 billion, a price-to-earnings ratio of -26.74 and a beta of 2.55. IonQ has a twelve month low of $6.22 and a twelve month high of $54.74. The company’s 50-day moving average price is $42.08 and its two-hundred day moving average price is $34.19.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to analysts’ expectations of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. IonQ’s revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.19) EPS. As a group, sell-side analysts anticipate that IonQ will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 45,000 shares of the company’s stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.18, for a total value of $2,078,100.00. Following the completion of the sale, the executive owned 552,592 shares of the company’s stock, valued at approximately $25,518,698.56. This represents a 7.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas G. Kramer sold 47,478 shares of the company’s stock in a transaction on Monday, July 21st. The shares were sold at an average price of $47.70, for a total transaction of $2,264,700.60. Following the completion of the sale, the chief financial officer directly owned 555,656 shares of the company’s stock, valued at $26,504,791.20. This trade represents a 7.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,191,850 shares of company stock worth $360,519,930 over the last 90 days. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently made changes to their positions in the business. ORG Partners LLC boosted its position in IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company’s stock valued at $26,000 after buying an additional 870 shares during the period. Measured Risk Portfolios Inc. purchased a new stake in IonQ during the 4th quarter valued at $27,000. TD Waterhouse Canada Inc. purchased a new stake in IonQ during the 4th quarter valued at $33,000. Future Financial Wealth Managment LLC boosted its position in IonQ by 50.0% during the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock valued at $33,000 after buying an additional 500 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in IonQ by 780.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company’s stock valued at $34,000 after buying an additional 1,295 shares during the period. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

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.