Brokerages Set IonQ, Inc. (NYSE:IONQ) Target Price at $46.78

IonQ, Inc. (NYSE:IONQ) has earned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $46.7778.

Several equities research analysts have issued reports on the stock. Rosenblatt Securities began coverage on shares of IonQ in a research report on Tuesday, July 29th. They issued a “buy” rating and a $70.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating on shares of IonQ in a report on Monday, August 4th. DA Davidson cut IonQ from a “buy” rating to a “neutral” rating and set a $35.00 price objective on the stock. in a research note on Thursday, August 7th. Cantor Fitzgerald started coverage on IonQ in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $45.00 target price for the company. Finally, Benchmark upped their target price on IonQ from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, July 7th.

IonQ Stock Up 18.4%

IONQ stock opened at $55.72 on Wednesday. IonQ has a twelve month low of $7.40 and a twelve month high of $56.07. The firm has a market cap of $16.54 billion, a price-to-earnings ratio of -27.72 and a beta of 2.54. The business’s fifty day simple moving average is $42.33 and its two-hundred day simple moving average is $35.02.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.57). The company had revenue of $20.69 million for the quarter, compared to analysts’ expectations of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The firm’s revenue for the quarter was up 81.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.18) earnings per share. Research analysts expect that IonQ will post -0.86 EPS for the current year.

Insider Buying and Selling

In other news, CEO Masi Niccolo De sold 16,120 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $715,728.00. Following the completion of the sale, the chief executive officer owned 1,181,186 shares of the company’s stock, valued at approximately $52,444,658.40. This represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul T. Dacier sold 4,175 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $185,370.00. Following the transaction, the insider owned 114,454 shares in the company, valued at approximately $5,081,757.60. This represents a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,547,518 shares of company stock valued at $254,180,433 over the last quarter. 5.20% of the stock is owned by company insiders.

Institutional Trading of IonQ

A number of hedge funds have recently bought and sold shares of IONQ. Vanguard Group Inc. boosted its position in IonQ by 15.2% during the 2nd quarter. Vanguard Group Inc. now owns 24,767,446 shares of the company’s stock valued at $1,064,257,000 after acquiring an additional 3,269,482 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of IonQ by 15.2% during the 2nd quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company’s stock worth $229,422,000 after purchasing an additional 705,301 shares during the last quarter. State Street Corp boosted its position in IonQ by 15.1% during the second quarter. State Street Corp now owns 5,255,681 shares of the company’s stock valued at $225,837,000 after purchasing an additional 688,663 shares in the last quarter. JPMorgan Chase & Co. grew its stake in IonQ by 648.5% in the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock valued at $114,917,000 after purchasing an additional 2,317,058 shares during the last quarter. Finally, Norges Bank bought a new position in IonQ in the second quarter worth about $114,767,000. 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.