IonQ, Inc. (NYSE:IONQ) Receives $16.50 Average Price Target from Analysts

Shares of IonQ, Inc. (NYSE:IONQ) have been given an average recommendation of “Moderate Buy” by the six analysts that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $16.50.

A number of equities research analysts have issued reports on IONQ shares. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of IonQ in a research report on Thursday, February 29th. The Goldman Sachs Group decreased their price target on IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, February 29th.

IonQ Price Performance

NYSE IONQ opened at $9.99 on Monday. IonQ has a 1 year low of $4.80 and a 1 year high of $21.60. The stock has a market capitalization of $2.08 billion, a PE ratio of -12.81 and a beta of 2.16. The business’s 50-day moving average is $10.42 and its 200 day moving average is $12.23.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, February 28th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.03. IonQ had a negative return on equity of 28.27% and a negative net margin of 715.77%. The firm had revenue of $6.11 million for the quarter, compared to analysts’ expectations of $5.70 million. As a group, equities research analysts anticipate that IonQ will post -1.24 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, CTO Jungsang Kim sold 10,220 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.20, for a total value of $104,244.00. Following the sale, the chief technology officer now owns 6,619,941 shares of the company’s stock, valued at $67,523,398.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CTO Jungsang Kim sold 10,220 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $104,244.00. Following the completion of the transaction, the chief technology officer now directly owns 6,619,941 shares in the company, valued at approximately $67,523,398.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Peter Hume Chapman sold 29,452 shares of IonQ stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $300,410.40. Following the completion of the transaction, the chief executive officer now directly owns 451,233 shares of the company’s stock, valued at $4,602,576.60. The disclosure for this sale can be found here. Insiders sold a total of 86,556 shares of company stock worth $882,871 over the last three months. Insiders own 13.00% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Quantbot Technologies LP acquired a new stake in shares of IonQ in the second quarter valued at $28,000. Huntington National Bank increased its holdings in IonQ by 250,000.0% during the 2nd quarter. Huntington National Bank now owns 2,501 shares of the company’s stock worth $34,000 after purchasing an additional 2,500 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new stake in IonQ in the 4th quarter valued at about $37,000. C M Bidwell & Associates Ltd. purchased a new position in shares of IonQ in the 2nd quarter valued at about $38,000. Finally, Harbour Investments Inc. grew its position in shares of IonQ by 193.2% during the second quarter. Harbour Investments Inc. now owns 2,932 shares of the company’s stock worth $40,000 after buying an additional 1,932 shares in the last quarter. Hedge funds and other institutional investors 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.