IonQ, Inc. (NYSE:IONQ) Receives Average Rating of “Moderate Buy” from Analysts

Shares of IonQ, Inc. (NYSE:IONQ) have earned a consensus rating of “Moderate Buy” from the seventeen analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $69.8750.

IONQ has been the subject of several recent analyst reports. Wedbush restated an “outperform” rating and set a $60.00 target price on shares of IonQ in a research note on Monday, May 4th. Northland Securities lifted their price target on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research report on Thursday, June 11th. Finally, JPMorgan Chase & Co. raised their price objective on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th.

Insider Activity at IonQ

In other news, insider John W. Raymond sold 3,815 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the transaction, the insider owned 80,148 shares in the company, valued at approximately $4,408,941.48. The trade was a 4.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the transaction, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,102 shares of company stock valued at $701,489 in the last quarter. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in shares of IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after acquiring an additional 14,898 shares during the period. Amundi acquired a new position in shares of IonQ in the first quarter valued at $630,000. AQR Capital Management LLC raised its stake in shares of IonQ by 106.2% in the first quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock valued at $1,265,000 after purchasing an additional 29,513 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in IonQ by 24.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock worth $9,932,000 after purchasing an additional 87,428 shares during the period. Finally, Focus Partners Wealth lifted its position in IonQ by 30.3% in the first quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock worth $1,032,000 after purchasing an additional 10,881 shares during the period. 41.42% of the stock is currently owned by institutional investors.

IonQ Trading Down 6.0%

IONQ traded down $2.93 during trading on Tuesday, hitting $45.94. The stock had a trading volume of 10,132,338 shares, compared to its average volume of 26,318,148. The firm has a market cap of $17.15 billion, a PE ratio of -163.49 and a beta of 3.23. IonQ has a 12 month low of $25.89 and a 12 month high of $84.64. The company has a 50 day simple moving average of $55.58 and a 200-day simple moving average of $45.06.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The firm had revenue of $64.67 million for the quarter, compared to the consensus estimate of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The firm’s revenue was up 754.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.14) earnings per share. As a group, sell-side analysts anticipate that IonQ will post -2.26 earnings per share for the current fiscal year.

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.