IonQ (NYSE:IONQ) Price Target Cut to $75.00 by Analysts at B. Riley Financial

IonQ (NYSE:IONQ) had its target price reduced by equities researchers at B. Riley Financial from $100.00 to $75.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial‘s price objective indicates a potential upside of 155.34% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $70.00 price target on shares of IonQ in a research report on Wednesday, September 9th. Bank of America began coverage on IonQ in a report on Monday, September 28th. They set a “buy” rating and a $60.00 price objective on the stock. Jefferies Financial Group restated a “buy” rating and issued a $80.00 target price on shares of IonQ in a research note on Wednesday, September 9th. Weiss Ratings cut IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Finally, Morgan Stanley decreased their price target on shares of IonQ from $49.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 15th. Ten equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.23.

IonQ Stock Down 2.2%

Shares of NYSE IONQ traded down $0.67 during trading on Monday, hitting $29.37. The company had a trading volume of 7,876,037 shares, compared to its average volume of 24,387,260. IonQ has a fifty-two week low of $25.89 and a fifty-two week high of $73.65. The firm has a market capitalization of $12.61 billion, a price-to-earnings ratio of -6.35 and a beta of 3.32. The stock has a fifty day simple moving average of $38.20 and a two-hundred day simple moving average of $42.09.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.23. The business had revenue of $80.05 million for the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%. The business’s revenue for the quarter was up 286.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.70) EPS. On average, analysts anticipate that IonQ will post -2.96 earnings per share for the current year.

Insider Activity

In other news, insider John Raymond sold 2,407 shares of the business’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $37.21, for a total value of $89,564.47. Following the transaction, the insider directly owned 77,741 shares of the company’s stock, valued at $2,892,742.61. The trade was a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is owned by company insiders.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in IonQ in the second quarter worth about $1,112,945,000. Bank of America Corp DE acquired a new stake in shares of IonQ in the 2nd quarter worth $344,757,000. Bank of New York Mellon Corp purchased a new stake in IonQ in the second quarter valued at $113,863,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in IonQ by 45.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,632,290 shares of the company’s stock valued at $86,936,000 after buying an additional 506,191 shares during the period. Finally, Legal & General Group Plc acquired a new position in IonQ during the second quarter worth about $82,126,000. Institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.