IonQ’s (IONQ) Buy Rating Reaffirmed at Rosenblatt Securities

IonQ (NYSE:IONQ)‘s stock had its “buy” rating reiterated by investment analysts at Rosenblatt Securities in a report released on Thursday,Benzinga reports. They currently have a $100.00 price objective on the stock. Rosenblatt Securities’ price objective suggests a potential upside of 75.35% from the company’s previous close.

Several other equities research analysts have also recently commented on the stock. Jefferies Financial Group set a $85.00 target price on shares of IonQ in a research report on Thursday, May 7th. Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Wall Street Zen raised shares of IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. JPMorgan Chase & Co. raised their target price on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Finally, Benchmark lowered their price target on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, IonQ has an average rating of “Moderate Buy” and an average target price of $68.63.

IonQ Stock Performance

NYSE IONQ traded up $0.40 on Thursday, hitting $57.03. The stock had a trading volume of 10,414,722 shares, compared to its average volume of 26,606,697. IonQ has a 52-week low of $25.89 and a 52-week high of $84.64. The company has a market capitalization of $21.29 billion, a price-to-earnings ratio of -203.00 and a beta of 3.18. The firm has a 50-day moving average of $49.02 and a 200-day moving average of $44.43.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) 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 company had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. During the same period in the previous year, the company earned ($0.14) EPS. IonQ’s quarterly revenue was up 754.7% on a year-over-year basis. As a group, research analysts anticipate that IonQ will post -2.26 earnings per share for the current fiscal year.

Insider Activity at IonQ

In other news, insider Robert T. Cardillo sold 3,773 shares of IonQ stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the sale, the insider directly owned 139,967 shares in the company, valued at $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Large investors have recently made changes to their positions in the stock. Ameriflex Group Inc. grew its stake in shares of IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after acquiring an additional 340 shares during the period. Accent Capital Management LLC grew its position in 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 period. Fortitude Family Office LLC boosted its position in shares of IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after purchasing an additional 608 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after purchasing an additional 656 shares during the period. Finally, PeakShares LLC purchased a new position in shares of IonQ in the first quarter worth $29,000. 41.42% of the stock is currently owned by 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.