IonQ, Inc. (NYSE:IONQ) Receives $46.78 Average PT from Analysts

Key Points

• IonQ, Inc. has received a consensus recommendation of "Moderate Buy" from twelve rating firms, with an average 12-month price target of $46.78.
• The company reported a quarterly loss of ($0.70) EPS, missing estimates, though revenue increased by 81.6% year-over-year.
• Recent insider trading included significant sales, with one insider selling 1.5 million shares for approximately $59.79 million, marking a 79.32% decrease in ownership.

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the twelve research firms that are presently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $46.7778.

A number of research firms have commented on IONQ. Oppenheimer began coverage on IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating on the stock. Benchmark boosted their target price on IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Rosenblatt Securities began coverage on IonQ in a research report on Tuesday, July 29th. They set a "buy" rating and a $70.00 target price on the stock. Sanford C. Bernstein began coverage on IonQ in a research report on Wednesday, July 30th. They set a "market perform" rating on the stock. Finally, DA Davidson downgraded IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price on the stock. in a research report on Thursday, August 7th.

IonQ Stock Down 0.2%

Shares of IonQ stock traded down $0.08 during trading on Wednesday, reaching $43.92. The company's stock had a trading volume of 14,386,281 shares, compared to its average volume of 13,205,446. IonQ has a 12-month low of $6.80 and a 12-month high of $54.74. The company has a market capitalization of $13.04 billion, a P/E ratio of -21.85 and a beta of 2.54. The business has a 50 day moving average price of $42.03 and a 200-day moving average price of $34.74.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). The business had revenue of $20.69 million during the quarter, compared to analysts' expectations of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The firm's quarterly revenue was up 81.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.18) earnings per share. Research analysts predict that IonQ will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Thomas G. Kramer sold 64,578 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $41.82, for a total value of $2,700,651.96. Following the sale, the chief financial officer directly owned 473,302 shares in the company, valued at $19,793,489.64. This represents a 12.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn K. Chou sold 6,789 shares of the company's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $43.14, for a total value of $292,877.46. Following the completion of the sale, the director owned 60,839 shares in the company, valued at $2,624,594.46. This represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,588,943 shares of company stock valued at $255,557,774 over the last three months. Insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently made changes to their positions in the stock. Archer Investment Corp lifted its position in shares of IonQ by 119.3% in the second quarter. Archer Investment Corp now owns 592 shares of the company's stock valued at $25,000 after acquiring an additional 322 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in IonQ in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC increased its stake in IonQ by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after purchasing an additional 279 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new position in IonQ in the second quarter valued at $39,000. Finally, Huntington National Bank increased its stake in IonQ by 2,034.0% in the second quarter. Huntington National Bank now owns 1,003 shares of the company's stock valued at $43,000 after purchasing an additional 956 shares during the last quarter. 41.42% of the stock is currently 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.