IonQ (NYSE:IONQ) Now Covered by Bank of America

Key Points

• Bank of America initiated coverage of IonQ with a “Buy” rating and a $60 price target, implying approximately 31.65% upside from the reported share price.
• Analyst sentiment is broadly positive: IonQ has a consensus “Moderate Buy” rating and an average target price of $63.83, based on 10 Buy, four Hold, and one Sell rating.
• IonQ’s latest quarterly results exceeded expectations, with an adjusted loss of $0.33 per share versus the expected $0.56 loss and revenue of $80.05 million, up 286.7% year over year; however, the company remains unprofitable.

Equities researchers at Bank of America started coverage on shares of IonQ (NYSE:IONQ - Get Free Report) in a research note issued to investors on Monday, Benzinga reports. The brokerage set a "buy" rating and a $60.00 price target on the stock. Bank of America's price objective suggests a potential upside of 31.65% from the stock's current price.

Several other equities research analysts have also commented on IONQ. Rosenblatt Securities restated a "buy" rating and issued a $100.00 price objective on shares of IonQ in a research report on Wednesday, September 9th. Needham & Company LLC restated a "buy" rating and issued a $65.00 target price on shares of IonQ in a research report on Wednesday, September 9th. Morgan Stanley set a $49.00 target price on IonQ in a report on Thursday, August 6th. Weiss Ratings downgraded shares of IonQ from a "sell (d+)" rating to a "sell (d-)" rating in a report on Friday, August 21st. Finally, B. Riley Financial reaffirmed a "buy" rating on shares of IonQ in a research report on Wednesday, September 9th. Ten research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, IonQ presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.83.

IonQ Stock Performance

Shares of IONQ stock opened at $45.57 on Monday. IonQ has a fifty-two week low of $25.89 and a fifty-two week high of $84.64. The firm has a market capitalization of $17.36 billion, a PE ratio of -9.78 and a beta of 3.30. The stock's 50-day simple moving average is $39.77 and its 200-day simple moving average is $44.08.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.23. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The business had revenue of $80.05 million during the quarter, compared to analysts' expectations of $66.47 million. During the same period in the previous year, the business posted ($0.70) EPS. The business's quarterly revenue was up 286.7% compared to the same quarter last year. Sell-side analysts forecast that IonQ will post -2.11 earnings per share for the current year.

Insider Activity at IonQ

In other news, insider John Raymond sold 2,407 shares of the firm's stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $37.21, for a total transaction of $89,564.47. Following the sale, the insider owned 77,741 shares of the company's stock, valued at approximately $2,892,742.61. This trade represents a 3.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.55% of the company's stock.

Hedge Funds Weigh In On IonQ

Large investors have recently bought and sold shares of the stock. Archer Investment Corp acquired a new stake in shares of IonQ in the 2nd quarter valued at about $25,000. EverSource Wealth Advisors LLC increased its position in IonQ by 216.5% during the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company's stock worth $28,000 after buying an additional 656 shares during the period. PeakShares LLC purchased a new stake in IonQ in the first quarter valued at approximately $29,000. EFG International AG acquired a new stake in shares of IonQ in the second quarter valued at approximately $30,000. Finally, MWA Asset Management purchased a new position in shares of IonQ during the first quarter worth approximately $32,000. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Company Profile

IonQ, Inc is a quantum computing company that develops and commercializes quantum computers based on trapped-ion technology. Its systems are designed to perform specialized computations that may be difficult for classical computers, with potential applications in areas such as optimization, materials science, drug discovery, artificial intelligence and financial modeling.

The company provides access to its quantum processors through cloud platforms, including Amazon Web Services' Amazon Braket, Microsoft Azure Quantum and Google Cloud.

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