Analysts Set IonQ, Inc. (NYSE:IONQ) Target Price at $68.25

IonQ, Inc. (NYSE:IONQ) has been assigned an average recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $68.25.

A number of research analysts have recently weighed in on the company. Northland Securities assumed coverage on IonQ in a research report on Monday, April 20th. They set an “outperform” rating and a $55.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of IonQ in a research note on Monday, February 9th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of IonQ in a report on Thursday, February 26th. Benchmark dropped their price target on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, Morgan Stanley set a $37.00 price objective on shares of IonQ in a research note on Thursday, February 26th.

IonQ Stock Performance

NYSE IONQ opened at $43.91 on Thursday. The business’s fifty day moving average is $34.74 and its 200 day moving average is $44.66. IonQ has a fifty-two week low of $25.89 and a fifty-two week high of $84.64. The company has a market capitalization of $16.10 billion, a PE ratio of -17.64 and a beta of 2.80.

Insider Buying and Selling

In other news, insider John W. Raymond sold 2,800 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the transaction, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Teuber, Jr. bought 3,000 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The shares were acquired at an average price of $38.38 per share, with a total value of $115,140.00. Following the transaction, the director directly owned 9,413 shares of the company’s stock, valued at $361,270.94. This represents a 46.78% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders sold 8,581 shares of company stock valued at $316,156. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently added to or reduced their stakes in IONQ. Vanguard Group Inc. boosted its position in shares of IonQ by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after acquiring an additional 5,420,037 shares during the last quarter. Norges Bank bought a new position in shares of IonQ during the 4th quarter valued at about $199,753,000. Marex Group plc grew its position in shares of IonQ by 419.1% during the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after purchasing an additional 3,296,866 shares in the last quarter. State Street Corp increased its holdings in shares of IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after purchasing an additional 2,663,230 shares during the last quarter. Finally, Clear Street Group Inc. lifted its position in shares of IonQ by 219.6% in the fourth quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company’s stock worth $143,396,000 after buying an additional 2,196,017 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.