IonQ (NYSE:IONQ) Given "Buy" Rating at Rosenblatt Securities

Key Points

• IonQ's stock has been reissued a "Buy" rating by Rosenblatt Securities with a price target of $70.00, indicating a potential upside of 25.62% from its current price.
• The company reported quarterly earnings with an EPS of ($0.70), missing consensus estimates while achieving 81.6% year-over-year revenue growth.
• Insiders have sold a significant number of shares, with CEO Masi Niccolo De selling over 16,120 shares, reflecting investor caution despite the potential for growth.

IonQ (NYSE:IONQ - Get Free Report)'s stock had its "buy" rating reissued by Rosenblatt Securities in a note issued to investors on Monday,Benzinga reports. They currently have a $70.00 price target on the stock. Rosenblatt Securities' price objective points to a potential upside of 25.62% from the stock's current price.

Several other equities research analysts have also commented on the company. Wolfe Research started coverage on IonQ in a research note on Wednesday, July 30th. They issued a "peer perform" rating for the company. Oppenheimer assumed coverage on shares of IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating for the company. DA Davidson cut shares of 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. Cantor Fitzgerald initiated coverage on shares of IonQ in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 target price on the stock. Finally, Needham & Company LLC upped their target price on shares of IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.11.

IonQ Price Performance

Shares of NYSE IONQ opened at $55.72 on Monday. The stock has a market capitalization of $16.54 billion, a PE ratio of -27.72 and a beta of 2.54. The business has a fifty day moving average price of $42.33 and a two-hundred day moving average price of $35.13. IonQ has a fifty-two week low of $7.40 and a fifty-two week high of $56.07.

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

Insider Buying and Selling at IonQ

In other news, CEO Masi Niccolo De sold 16,120 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $715,728.00. Following the completion of the sale, the chief executive officer owned 1,181,186 shares in the company, valued at approximately $52,444,658.40. This trade represents a 1.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Hume Chapman sold 1,497,311 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $39.93, for a total transaction of $59,787,628.23. Following the completion of the sale, the insider owned 390,329 shares of the company's stock, valued at $15,585,836.97. This trade represents a 79.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,750,325 shares of company stock valued at $109,397,784. Company insiders own 5.20% of the company's stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in IonQ by 15.2% in the second quarter. Vanguard Group Inc. now owns 24,767,446 shares of the company's stock valued at $1,064,257,000 after purchasing an additional 3,269,482 shares during the period. Geode Capital Management LLC lifted its position in shares of IonQ by 15.2% during the second quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company's stock worth $229,422,000 after purchasing an additional 705,301 shares in the last quarter. State Street Corp lifted its position in shares of IonQ by 15.1% during the second quarter. State Street Corp now owns 5,255,681 shares of the company's stock worth $225,837,000 after purchasing an additional 688,663 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of IonQ by 648.5% during the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company's stock worth $114,917,000 after purchasing an additional 2,317,058 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of IonQ during the second quarter worth $114,767,000. 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.

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