Analysts Set IonQ, Inc. (NYSE:IONQ) Price Target at $41.43

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) have received an average rating of "Moderate Buy" from the seven research firms that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $41.43.

A number of equities analysts have issued reports on the stock. Morgan Stanley raised their price target on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Needham & Company LLC reissued a "buy" rating and issued a $50.00 price target on shares of IonQ in a research note on Wednesday, June 11th. DA Davidson cut their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Benchmark increased their target price on shares of IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Finally, Cantor Fitzgerald began coverage on IonQ in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 target price for the company.

IonQ Trading Up 2.3%

IONQ traded up $1.01 on Tuesday, hitting $44.29. 13,853,624 shares of the company's stock traded hands, compared to its average volume of 23,239,039. The firm has a market cap of $11.59 billion, a price-to-earnings ratio of -29.65 and a beta of 2.55. IonQ has a one year low of $6.22 and a one year high of $54.74. The company's 50 day simple moving average is $41.31 and its 200-day simple moving average is $34.08.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.14. The business had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The business's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.19) earnings per share. As a group, equities analysts anticipate that IonQ will post -0.86 EPS for the current fiscal year.

Insider Activity

In related news, CRO Rima Alameddine sold 65,000 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $38.57, for a total value of $2,507,050.00. Following the completion of the sale, the executive owned 552,592 shares of the company's stock, valued at $21,313,473.44. This represents a 10.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Masi Niccolo De sold 2,597,500 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $40.34, for a total value of $104,783,150.00. Following the completion of the sale, the chief executive officer owned 711,987 shares of the company's stock, valued at $28,721,555.58. The trade was a 78.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,191,850 shares of company stock valued at $360,519,930. Company insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IONQ. Mariner LLC grew its holdings in IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company's stock valued at $2,276,000 after buying an additional 350 shares during the last quarter. Future Financial Wealth Managment LLC lifted its stake in shares of IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after buying an additional 500 shares during the period. Miracle Mile Advisors LLC increased its position in shares of IonQ by 2.5% during the first quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock valued at $452,000 after purchasing an additional 500 shares during the period. Signaturefd LLC lifted its position in IonQ by 23.4% in the fourth quarter. Signaturefd LLC now owns 3,354 shares of the company's stock worth $140,000 after purchasing an additional 637 shares during the period. Finally, Measured Risk Portfolios Inc. bought a new stake in IonQ in the 4th quarter valued at $27,000. Institutional investors and hedge funds own 41.42% of the company's stock.

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.