Analysts Set IonQ, Inc. (NYSE:IONQ) Price Target at $70.00

IonQ, Inc. (NYSE:IONQ) has been given a consensus rating of “Hold” by the seventeen research firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and nine 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 $72.0833.

IONQ has been the topic of a number of research analyst reports. Mizuho initiated coverage on IonQ in a report on Thursday, December 11th. They set an “outperform” rating and a $90.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $80.00 target price on shares of IonQ in a report on Thursday, November 6th. Wedbush began coverage on IonQ in a research note on Wednesday, December 17th. They set an “outperform” rating and a $60.00 price target for the company. Zacks Research raised IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Morgan Stanley raised their target price on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, November 4th.

IonQ Trading Down 3.1%

Shares of IONQ opened at $49.82 on Friday. The firm’s fifty day simple moving average is $52.34 and its two-hundred day simple moving average is $50.25. IonQ has a 12 month low of $17.88 and a 12 month high of $84.64. The stock has a market capitalization of $17.31 billion, a P/E ratio of -9.31 and a beta of 2.62.

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 analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The business had revenue of $39.87 million during the quarter, compared to analyst estimates of $26.99 million. During the same period in the prior year, the firm earned ($0.24) earnings per share. The firm’s revenue for the quarter was up 221.5% compared to the same quarter last year. As a group, research analysts predict that IonQ will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, Director Kathryn K. Chou sold 20,000 shares of IonQ 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 directly owned 60,839 shares of the company’s stock, valued at $3,127,124.60. The trade was a 24.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Teuber, Jr. purchased 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were purchased at an average price of $54.81 per share, for a total transaction of $109,620.00. Following the completion of the acquisition, the director owned 6,413 shares of the company’s stock, valued at $351,496.53. The trade was a 45.32% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have sold 125,000 shares of company stock worth $5,992,000. Corporate insiders own 5.20% of the company’s stock.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently modified their holdings of the business. Stone House Investment Management LLC boosted its position in IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after purchasing an additional 350 shares during the last quarter. Ameriflex Group Inc. boosted its holdings in shares of IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares during the last quarter. Hilltop National Bank boosted its holdings in shares of IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after buying an additional 225 shares during the last quarter. Financial Consulate Inc. bought a new position in IonQ during the third quarter valued at about $29,000. Finally, UMB Bank n.a. purchased a new stake in IonQ during the third quarter worth about $31,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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. 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.