Analysts Set IonQ, Inc. (NYSE:IONQ) Target Price at $38.33

Shares of IonQ, Inc. (NYSE:IONQ) have been given an average rating of “Moderate Buy” by the six analysts that are presently covering the company, MarketBeat.com 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 objective among analysts that have issued a report on the stock in the last year is $38.33.

A number of research analysts have commented on IONQ shares. Needham & Company LLC reduced their target price on IonQ from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Morgan Stanley increased their target price on IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. DA Davidson reduced their target price on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Benchmark reduced their target price on IonQ from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd.

Insider Transactions at IonQ

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares in the company, valued at approximately $7,756,875.36. This represents a 82.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William F. Scannell purchased 93,066 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares in the company, valued at approximately $2,945,375.07. This trade represents a 221.69% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 2,031,759 shares of company stock worth $38,029,765. 5.20% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in IonQ in the 4th quarter valued at approximately $3,840,000. New York State Common Retirement Fund increased its position in IonQ by 16.7% in the 4th quarter. New York State Common Retirement Fund now owns 61,481 shares of the company’s stock valued at $2,568,000 after acquiring an additional 8,800 shares during the period. Rhumbline Advisers increased its position in IonQ by 9.2% in the 4th quarter. Rhumbline Advisers now owns 303,803 shares of the company’s stock valued at $12,690,000 after acquiring an additional 25,577 shares during the period. JPMorgan Chase & Co. increased its position in IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after acquiring an additional 2,293,231 shares during the period. Finally, Sei Investments Co. acquired a new stake in IonQ in the 4th quarter valued at approximately $1,255,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Stock Performance

Shares of IONQ opened at $39.08 on Monday. The company has a market capitalization of $8.71 billion, a P/E ratio of -48.25 and a beta of 2.59. IonQ has a one year low of $6.22 and a one year high of $54.74. The stock has a 50-day moving average price of $31.52 and a 200 day moving average price of $33.08.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.14. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. During the same quarter last year, the business posted ($0.19) EPS. IonQ’s quarterly revenue was down .2% compared to the same quarter last year. As a group, equities research analysts forecast that IonQ will post -0.86 earnings per share for the current fiscal year.

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.