IonQ (NYSE:IONQ) Now Covered by Analysts at Northland Securities

Key Points

• Northland Securities initiated coverage of IonQ (NYSE:IONQ) with an "outperform" rating and a $55 price target, implying roughly a 19% upside from the current price.
• The analyst consensus is a "Moderate Buy" with a $68.25 average price target, based on 10 Buy, 6 Hold and 1 Sell recommendations.
• Insiders sold 8,581 shares (~$316,156) in the last quarter and now own 5.20% of the company; the stock opened at $46.18, has a market cap of about $16.93 billion and a trailing P/E of -18.55.

Research analysts at Northland Securities began coverage on shares of IonQ (NYSE:IONQ - Get Free Report) in a research report issued on Monday, Marketbeat.com reports. The firm set an "outperform" rating and a $55.00 price target on the stock. Northland Securities' price target indicates a potential upside of 19.09% from the stock's current price.

Other equities analysts also recently issued research reports about the company. Weiss Ratings restated a "sell (d-)" rating on shares of IonQ in a research report on Thursday, January 22nd. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 price objective on shares of IonQ in a research note on Thursday, February 26th. Benchmark decreased their price objective on IonQ from $75.00 to $65.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. Wall Street Zen cut shares of IonQ from a "hold" rating to a "sell" rating in a research note on Saturday, April 11th. Finally, Needham & Company LLC dropped their target price on shares of IonQ from $80.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $68.25.

IonQ Price Performance

Shares of NYSE:IONQ opened at $46.18 on Monday. The business's 50 day moving average price is $33.38 and its 200-day moving average price is $45.93. IonQ has a 1 year low of $23.49 and a 1 year high of $84.64. The firm has a market capitalization of $16.93 billion, a price-to-earnings ratio of -18.55 and a beta of 2.80.

Insider Activity

In other news, insider John W. Raymond sold 2,800 shares of the firm's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the transaction, the insider owned 83,963 shares of the company's stock, valued at approximately $2,799,326.42. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert T. Cardillo sold 5,165 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total transaction of $203,707.60. Following the sale, the insider owned 112,291 shares in the company, valued at approximately $4,428,757.04. This trade represents a 4.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 8,581 shares of company stock valued at $316,156 in the last quarter. Insiders own 5.20% of the company's stock.

Institutional Investors Weigh In On IonQ

Large investors have recently bought and sold shares of the stock. Stone House Investment Management LLC increased its holdings in IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company's stock valued at $25,000 after buying an additional 350 shares during the last quarter. Ameriflex Group Inc. lifted its stake in IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock valued at $25,000 after buying an additional 340 shares during the last quarter. Accent Capital Management LLC boosted its stake in IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company's stock worth $26,000 after purchasing an additional 371 shares during the period. Fortitude Family Office LLC boosted its stake in shares of IonQ by 3,800.0% during the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company's stock worth $28,000 after buying an additional 608 shares during the period. Finally, Financial Consulate Inc. acquired a new stake in IonQ during the 3rd quarter worth approximately $29,000. Hedge funds and other institutional investors 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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