IonQ's (IONQ) Outperform Rating Reaffirmed at Wedbush

Key Points

• Wedbush reaffirmed its “outperform” rating on IonQ and maintained a $75 price target, implying approximately 92% upside from the reported $39.05 share price.
• Analyst sentiment remains broadly positive, with IonQ carrying a consensus “Moderate Buy” rating and an average price target of $70.71; targets from other firms range from $50 to $70.
• IonQ reported quarterly revenue of $64.67 million, up 754.7% year over year and above expectations, but its $0.34 per-share loss was wider than analysts’ projected $0.26 loss.

IonQ (NYSE:IONQ - Get Free Report)'s stock had its "outperform" rating reiterated by research analysts at Wedbush in a research note issued on Monday,Benzinga reports. They currently have a $75.00 price target on the stock. Wedbush's price target suggests a potential upside of 92.07% from the company's current price.

A number of other analysts have also commented on IONQ. Weiss Ratings raised IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Monday, May 11th. JPMorgan Chase & Co. upped their price objective on shares of IonQ from $42.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Northland Securities raised their target price on shares of IonQ from $55.00 to $70.00 and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Benchmark started coverage on shares of IonQ in a research note on Monday, July 27th. They set a "buy" rating and a $60.00 target price on the stock. Finally, Wall Street Zen raised shares of IonQ from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $70.71.

IonQ Stock Up 7.2%

IonQ stock opened at $39.05 on Monday. The stock has a market cap of $14.58 billion, a price-to-earnings ratio of -137.50 and a beta of 3.23. The business has a 50-day simple moving average of $50.56 and a 200 day simple moving average of $43.57. IonQ has a 52 week low of $25.89 and a 52 week high of $84.64.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm had revenue of $64.67 million during the quarter, compared to analysts' expectations of $49.75 million. During the same quarter in the previous year, the company posted ($0.14) earnings per share. IonQ's revenue for the quarter was up 754.7% compared to the same quarter last year. On average, research analysts anticipate that IonQ will post -2.26 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, insider John W. Raymond sold 3,815 shares of the business's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the sale, the insider directly owned 80,148 shares of the company's stock, valued at approximately $4,408,941.48. The trade was a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of IonQ stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the completion of the transaction, the director directly owned 11,154 shares of the company's stock, valued at $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 13,102 shares of company stock worth $701,489. Insiders own 0.55% of the company's stock.

Hedge Funds Weigh In On IonQ

Hedge funds have recently added to or reduced their stakes in the company. Beaird Harris Wealth Management LLC increased its holdings in shares of IonQ by 117.4% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock worth $31,000 after purchasing an additional 270 shares in the last quarter. Accent Capital Management LLC boosted its position in shares of IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company's stock valued at $26,000 after buying an additional 371 shares during the last quarter. Kelleher Financial Advisors bought a new stake in IonQ in the 3rd quarter worth about $36,000. Banque Transatlantique SA purchased a new position in IonQ in the 3rd quarter worth about $43,000. Finally, EverSource Wealth Advisors LLC lifted its stake in IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after acquiring an additional 279 shares during the period. 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. 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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