IonQ, Inc. (NYSE:IONQ) Receives $40.00 Consensus Target Price from Analysts

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the six analysts that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $40.00.

IONQ has been the topic of several research analyst reports. Needham & Company LLC restated a "buy" rating and set a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Morgan Stanley upped 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. DA Davidson lowered their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Benchmark reaffirmed a "buy" rating and issued a $50.00 target price on shares of IonQ in a research note on Wednesday.

IonQ Trading Down 2.2%

Shares of IonQ stock traded down $0.89 during mid-day trading on Friday, reaching $40.23. 21,583,427 shares of the stock were exchanged, compared to its average volume of 19,221,586. IonQ has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The company has a market cap of $10.53 billion, a price-to-earnings ratio of -27.00 and a beta of 2.59. The firm has a 50-day simple moving average of $35.80 and a 200 day simple moving average of $33.71.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.14. The company had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The company's revenue was down .2% on a year-over-year basis. During the same quarter last year, the business posted ($0.19) earnings per share. On average, research analysts predict that IonQ will post -0.86 EPS for the current fiscal year.

Insider Activity at IonQ

In other IonQ news, CEO Masi Niccolo De sold 9,280 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $42.23, for a total transaction of $391,894.40. Following the completion of the transaction, the chief executive officer now owns 711,987 shares in the company, valued at approximately $30,067,211.01. This represents a 1.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gabrielle B. Toledano sold 792 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $41.50, for a total value of $32,868.00. Following the transaction, the director now directly owns 792 shares of the company's stock, valued at $32,868. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 8,972,201 shares of company stock worth $350,540,009. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently made changes to their positions in IONQ. Vanguard Group Inc. grew its holdings in shares of IonQ by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company's stock valued at $474,460,000 after acquiring an additional 123,839 shares in the last quarter. Geode Capital Management LLC grew its stake in IonQ by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock valued at $186,593,000 after purchasing an additional 45,942 shares in the last quarter. JPMorgan Chase & Co. grew its stake in IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares in the last quarter. Northern Trust Corp increased its position in shares of IonQ by 12.6% during the 4th quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock worth $80,809,000 after purchasing an additional 216,752 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of IonQ by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock worth $68,740,000 after purchasing an additional 31,638 shares in the last quarter. 41.42% of the stock is owned by 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.