IonQ, Inc. (NYSE:IONQ) Receives Consensus Recommendation of “Moderate Buy” from Analysts

IonQ, Inc. (NYSE:IONQ) has earned an average recommendation of “Moderate Buy” from the six brokerages that are 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 1 year target price among brokerages that have covered the stock in the last year is $16.50.

IONQ has been the topic of several recent analyst reports. The Goldman Sachs Group dropped their price target on IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, February 29th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of IonQ in a report on Thursday.

IonQ Price Performance

Shares of IONQ opened at $8.78 on Tuesday. IonQ has a one year low of $6.98 and a one year high of $21.60. The company has a 50-day moving average of $8.84 and a two-hundred day moving average of $10.78. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -10.58 and a beta of 2.17.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.07. IonQ had a negative net margin of 671.00% and a negative return on equity of 31.76%. The firm had revenue of $7.58 million during the quarter, compared to analyst estimates of $7.08 million. During the same quarter last year, the business posted ($0.14) EPS. The company’s revenue was up 76.9% on a year-over-year basis. Analysts anticipate that IonQ will post -0.89 earnings per share for the current year.

Insider Activity at IonQ

In related news, CEO Peter Hume Chapman sold 29,452 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 $300,410.40. Following the completion of the sale, the chief executive officer now owns 451,233 shares of the company’s stock, valued at approximately $4,602,576.60. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Peter Hume Chapman sold 29,452 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $300,410.40. Following the transaction, the chief executive officer now owns 451,233 shares in the company, valued at approximately $4,602,576.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jungsang Kim sold 10,220 shares of IonQ stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $104,244.00. Following the completion of the sale, the chief technology officer now directly owns 6,619,941 shares of the company’s stock, valued at approximately $67,523,398.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,556 shares of company stock valued at $882,871. Insiders own 13.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IONQ. California State Teachers Retirement System lifted its holdings in IonQ by 6.9% in the 1st quarter. California State Teachers Retirement System now owns 172,959 shares of the company’s stock worth $1,728,000 after purchasing an additional 11,150 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of IonQ by 234.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 41,375 shares of the company’s stock worth $413,000 after buying an additional 29,000 shares during the last quarter. Oxford Wealth Group LLC bought a new stake in shares of IonQ during the 1st quarter worth $174,000. Bayesian Capital Management LP acquired a new position in IonQ in the 1st quarter valued at $226,000. Finally, Alpine Global Management LLC raised its holdings in IonQ by 300.0% in the 1st quarter. Alpine Global Management LLC now owns 56,004 shares of the company’s stock worth $559,000 after acquiring an additional 42,003 shares during the period. 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.