Brokerages Set IonQ, Inc. (NYSE:IONQ) Price Target at $16.50

IonQ, Inc. (NYSE:IONQ) has received an average rating of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $16.50.

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

Insider Transactions at IonQ

In other news, CTO Jungsang Kim sold 10,220 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $104,244.00. Following the transaction, the chief technology officer now directly owns 6,619,941 shares of the company’s stock, valued at $67,523,398.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Thomas G. Kramer sold 19,672 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $200,654.40. Following the transaction, the chief financial officer now directly owns 954,224 shares of the company’s stock, valued at $9,733,084.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 $67,523,398.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,556 shares of company stock valued at $882,871. Corporate insiders own 13.00% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its stake in IonQ by 32.9% during the third quarter. Nisa Investment Advisors LLC now owns 4,038 shares of the company’s stock worth $60,000 after purchasing an additional 1,000 shares during the period. FNY Investment Advisers LLC raised its stake in IonQ by 28.0% during the fourth quarter. FNY Investment Advisers LLC now owns 4,532 shares of the company’s stock worth $56,000 after purchasing an additional 990 shares during the period. C M Bidwell & Associates Ltd. raised its stake in IonQ by 61.2% during the third quarter. C M Bidwell & Associates Ltd. now owns 4,542 shares of the company’s stock worth $68,000 after purchasing an additional 1,724 shares during the period. National Bank of Canada FI raised its stake in IonQ by 806.4% during the third quarter. National Bank of Canada FI now owns 6,345 shares of the company’s stock worth $93,000 after purchasing an additional 5,645 shares during the period. Finally, Prospect Financial Services LLC purchased a new position in IonQ during the fourth quarter worth about $124,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

IonQ Stock Performance

IONQ stock opened at $8.17 on Friday. The firm has a market cap of $1.70 billion, a PE ratio of -10.47 and a beta of 2.14. The firm’s fifty day moving average is $9.41 and its 200 day moving average is $11.23. IonQ has a one year low of $5.29 and a one year high of $21.60.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.03. The company had revenue of $6.11 million for the quarter, compared to analyst estimates of $5.70 million. IonQ had a negative net margin of 715.77% and a negative return on equity of 28.27%. Research analysts predict that IonQ will post -1.24 earnings per share for the current fiscal year.

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.