Brokerages Set IonQ, Inc. (NYSE:IONQ) Target Price at $40.00

Shares of IonQ, Inc. (NYSE:IONQ) have been assigned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $40.00.

Several research firms have commented on IONQ. Benchmark restated a “buy” rating and set a $50.00 price objective on shares of IonQ in a report on Wednesday, June 25th. Morgan Stanley increased their target price on IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. DA Davidson dropped their target price on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of IonQ in a research report on Wednesday, June 11th.

IonQ Stock Down 6.5%

IONQ opened at $40.18 on Friday. The stock’s fifty day moving average is $36.75 and its two-hundred day moving average is $33.92. The company has a market capitalization of $10.51 billion, a P/E ratio of -26.97 and a beta of 2.56. IonQ has a 52 week low of $6.22 and a 52 week high of $54.74.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. IonQ’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business posted ($0.19) EPS. Equities analysts anticipate that IonQ will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, CFO Thomas G. Kramer sold 216,000 shares of the firm’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $38.11, for a total value of $8,231,760.00. Following the completion of the sale, the chief financial officer owned 718,516 shares of the company’s stock, valued at $27,382,644.76. This trade represents a 23.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 65,000 shares of the firm’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $38.57, for a total value of $2,507,050.00. Following the completion of the sale, the executive directly owned 552,592 shares of the company’s stock, valued at $21,313,473.44. The trade was a 10.52% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,972,201 shares of company stock worth $350,540,009. 5.20% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

A number of institutional investors have recently made changes to their positions in the business. PDS Planning Inc boosted its position in shares of IonQ by 2.6% in the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company’s stock worth $494,000 after purchasing an additional 300 shares in the last quarter. Mariner LLC boosted its position in shares of IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company’s stock worth $2,276,000 after purchasing an additional 350 shares in the last quarter. Future Financial Wealth Managment LLC boosted its position in shares of IonQ by 50.0% in the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock worth $33,000 after purchasing an additional 500 shares in the last quarter. Miracle Mile Advisors LLC boosted its position in shares of IonQ by 2.5% in the 1st quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company’s stock worth $452,000 after purchasing an additional 500 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 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.