Brokerages Set IonQ, Inc. (NYSE:IONQ) PT at $75.91

IonQ, Inc. (NYSE:IONQ) has earned a consensus recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $75.9091.

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group started coverage on shares of IonQ in a research report on Tuesday, December 16th. They issued a “buy” rating and a $100.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of IonQ in a report on Wednesday, October 8th. B. Riley boosted their target price on IonQ from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. JPMorgan Chase & Co. initiated coverage on IonQ in a research report on Thursday, November 20th. They issued a “neutral” rating and a $47.00 target price on the stock. Finally, Cantor Fitzgerald raised their price target on IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th.

IonQ Stock Up 6.8%

Shares of IonQ stock opened at $50.80 on Tuesday. The stock has a market cap of $17.65 billion, a PE ratio of -9.50 and a beta of 2.63. IonQ has a 12 month low of $17.88 and a 12 month high of $84.64. The business has a fifty day simple moving average of $48.78 and a 200-day simple moving average of $51.36.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The business had revenue of $39.87 million during the quarter, compared to analysts’ expectations of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The firm’s revenue was up 221.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.24) earnings per share. Analysts expect that IonQ will post -0.86 EPS for the current fiscal year.

Insider Activity at IonQ

In other news, Director Kathryn K. Chou sold 20,000 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $51.40, for a total transaction of $1,028,000.00. Following the transaction, the director owned 60,839 shares in the company, valued at $3,127,124.60. This represents a 24.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William J. Teuber, Jr. purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average price of $54.81 per share, for a total transaction of $109,620.00. Following the acquisition, the director directly owned 6,413 shares in the company, valued at $351,496.53. This represents a 45.32% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have sold 125,000 shares of company stock valued at $5,992,000. 5.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Hedge funds have recently bought and sold shares of the business. Amazon Com Inc. acquired a new stake in shares of IonQ during the second quarter worth approximately $36,705,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of IonQ in the 3rd quarter worth approximately $806,000. Y Intercept Hong Kong Ltd bought a new stake in IonQ during the 2nd quarter worth approximately $6,104,000. Norges Bank acquired a new stake in IonQ during the 2nd quarter valued at $114,767,000. Finally, Union Bancaire Privee UBP SA increased its holdings in IonQ by 8,150.0% during the 2nd quarter. Union Bancaire Privee UBP SA now owns 82,500 shares of the company’s stock valued at $3,545,000 after purchasing an additional 81,500 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.