IonQ, Inc. (NYSE:IONQ) Receives Average Recommendation of "Hold" from Analysts

Key Points

• IonQ, Inc. has received an average recommendation of "Hold" from 13 brokerages, with one sell, five hold, and seven buy ratings. The average 1-year price target is $58.33.
• Insiders have sold a total of 279,047 shares for approximately $12.6 million over the last 90 days, which represents a significant decrease in their holdings.
• IonQ reported a revenue of $20.69 million for the latest quarter, surpassing analyst estimates, but posted a loss of ($0.70) earnings per share, missing expectations.

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) have been assigned a consensus recommendation of "Hold" from the thirteen brokerages that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $58.3333.

IONQ has been the subject of several analyst reports. Cantor Fitzgerald lifted their price objective on IonQ from $45.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Sanford C. Bernstein started coverage on IonQ in a report on Wednesday, July 30th. They set a "market perform" rating for the company. B. Riley upped their price objective on IonQ from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Needham & Company LLC lifted their target price on IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Finally, DA Davidson downgraded IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price for the company. in a research note on Thursday, August 7th.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 45,000 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.18, for a total transaction of $2,078,100.00. Following the completion of the transaction, the executive directly owned 552,592 shares in the company, valued at approximately $25,518,698.56. This represents a 7.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathryn K. Chou sold 6,789 shares of the firm'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 sale, the director directly owned 60,839 shares in the company, valued at approximately $2,624,594.46. This trade represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 279,047 shares of company stock worth $12,602,891 over the last 90 days. Insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

Hedge funds have recently made changes to their positions in the company. Archer Investment Corp grew its holdings in shares of IonQ by 119.3% during the second quarter. Archer Investment Corp now owns 592 shares of the company's stock worth $25,000 after purchasing an additional 322 shares during the last quarter. ORG Partners LLC increased its stake in shares of IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after buying an additional 870 shares during the period. Farther Finance Advisors LLC increased its stake in shares of IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after buying an additional 1,295 shares during the period. Close Asset Management Ltd acquired a new position in shares of IonQ in the first quarter valued at approximately $35,000. Finally, SVB Wealth LLC acquired a new position in shares of IonQ in the first quarter valued at approximately $35,000. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Price Performance

Shares of NYSE IONQ opened at $73.17 on Friday. The stock has a market capitalization of $21.72 billion, a PE ratio of -36.40 and a beta of 2.60. The business has a fifty day moving average price of $49.39 and a two-hundred day moving average price of $39.77. IonQ has a fifty-two week low of $8.85 and a fifty-two week high of $76.13.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The company had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. IonQ's revenue was up 81.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.18) earnings per share. On average, equities analysts expect that IonQ will post -0.86 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.