IonQ's (IONQ) Sell (D-) Rating Reiterated at Weiss Ratings

IonQ (NYSE:IONQ - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by research analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Other analysts also recently issued research reports about the stock. Cantor Fitzgerald boosted their price objective on shares of IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Sanford C. Bernstein initiated coverage on shares of IonQ in a research report on Wednesday, July 30th. They set a "market perform" rating for the company. B. Riley lifted their target price on shares of IonQ from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Rosenblatt Securities restated a "buy" rating and set a $70.00 target price on shares of IonQ in a research report on Monday, September 15th. Finally, Benchmark lifted their target price on shares of IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $58.33.

IonQ Trading Down 6.1%

IONQ stock opened at $74.42 on Wednesday. The company has a market cap of $22.09 billion, a P/E ratio of -37.02 and a beta of 2.60. IonQ has a 52 week low of $9.10 and a 52 week high of $82.97. The company's 50-day moving average price is $51.59 and its 200 day moving average price is $40.80.

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

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 19,976 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $886,934.40. Following the completion of the transaction, the executive owned 532,616 shares of the company's stock, valued at $23,648,150.40. The trade was a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Masi Niccolo De sold 16,120 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $715,728.00. Following the completion of the transaction, the chief executive officer directly owned 1,181,186 shares of the company's stock, valued at approximately $52,444,658.40. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,665 shares of company stock valued at $8,223,268. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

A number of institutional investors have recently modified their holdings of IONQ. Vanguard Group Inc. raised its position in shares of 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 buying an additional 3,269,482 shares during the last quarter. Norges Bank purchased a new stake in IonQ in the second quarter valued at approximately $114,767,000. JPMorgan Chase & Co. grew its holdings in IonQ by 648.5% in the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company's stock valued at $114,917,000 after purchasing an additional 2,317,058 shares during the period. Ameriprise Financial Inc. grew its holdings in IonQ by 262.8% in the second quarter. Ameriprise Financial Inc. now owns 576,391 shares of the company's stock valued at $24,768,000 after purchasing an additional 930,490 shares during the period. Finally, Amazon Com Inc. purchased a new stake in IonQ in the second quarter valued at approximately $36,705,000. Institutional investors and hedge funds 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.

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