IonQ (NYSE:IONQ) Earns Buy Rating from Benchmark

Benchmark reissued their buy rating on shares of IonQ (NYSE:IONQ - Free Report) in a report released on Wednesday morning,Benzinga reports. They currently have a $50.00 target price on the stock.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley raised their target price on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Needham & Company LLC reaffirmed a "buy" rating and issued a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Finally, DA Davidson reduced their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.00.

IonQ Trading Down 2.2%

NYSE IONQ traded down $0.89 during midday trading on Wednesday, hitting $40.23. The company had a trading volume of 21,583,427 shares, compared to its average volume of 19,279,542. The company has a market capitalization of $10.53 billion, a PE ratio of -27.00 and a beta of 2.59. The firm has a 50-day moving average price of $36.08 and a 200-day moving average price of $33.76. IonQ has a twelve month low of $6.22 and a twelve month high of $54.74.

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

Insider Activity at IonQ

In related news, Director Gabrielle B. Toledano sold 792 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $41.50, for a total transaction of $32,868.00. Following the sale, the director now owns 792 shares of the company's stock, valued at $32,868. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Peter Hume Chapman sold 3,581,193 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $38.13, for a total value of $136,550,889.09. Following the sale, the insider now directly owns 390,329 shares in the company, valued at approximately $14,883,244.77. This trade represents a 90.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,972,201 shares of company stock valued at $350,540,009 in the last 90 days. 5.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Hedge funds have recently modified their holdings of the company. Smartleaf Asset Management LLC raised its position in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after purchasing an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. bought a new position in IonQ during the 4th quarter worth $27,000. TD Waterhouse Canada Inc. bought a new position in IonQ during the 4th quarter worth $33,000. Sandy Spring Bank raised its position in IonQ by 350.0% during the 4th quarter. Sandy Spring Bank now owns 900 shares of the company's stock worth $38,000 after purchasing an additional 700 shares during the last quarter. Finally, Lindbrook Capital LLC raised its position in IonQ by 1,162.2% during the 4th quarter. Lindbrook Capital LLC now owns 934 shares of the company's stock worth $39,000 after purchasing an additional 860 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

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.