IonQ, Inc. (NYSE:IONQ) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of IonQ, Inc. (NYSE:IONQ) have received a consensus recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $70.00.

IONQ has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. began coverage on IonQ in a research note on Thursday, November 20th. They issued a “neutral” rating and a $47.00 target price on the stock. B. Riley upped their price target on shares of IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. DA Davidson raised their price target on shares of IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Rosenblatt Securities lifted their price objective on shares of IonQ from $70.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a research note on Wednesday, October 8th.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 100,000 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total value of $4,689,000.00. Following the transaction, the executive owned 432,616 shares of the company’s stock, valued at $20,285,364.24. This represents a 18.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Teuber, Jr. bought 2,000 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were purchased at an average cost of $54.81 per share, with a total value of $109,620.00. Following the completion of the transaction, the director owned 6,413 shares in the company, valued at $351,496.53. This represents a 45.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 5.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On IonQ

Several large investors have recently modified their holdings of IONQ. Vanguard Group Inc. lifted its holdings in IonQ by 18.5% during the third quarter. Vanguard Group Inc. now owns 29,354,706 shares of the company’s stock worth $1,805,314,000 after buying an additional 4,587,260 shares during the period. State Street Corp raised its position in shares of IonQ by 19.9% in the 3rd quarter. State Street Corp now owns 6,299,559 shares of the company’s stock worth $387,423,000 after acquiring an additional 1,043,878 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of IonQ by 15.2% during the 2nd quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company’s stock worth $229,422,000 after purchasing an additional 705,301 shares during the last quarter. JPMorgan Chase & Co. boosted its position in IonQ by 12.5% during the third quarter. JPMorgan Chase & Co. now owns 3,008,001 shares of the company’s stock valued at $184,992,000 after purchasing an additional 333,653 shares in the last quarter. Finally, Northern Trust Corp boosted its position in IonQ by 30.3% during the third quarter. Northern Trust Corp now owns 2,737,026 shares of the company’s stock valued at $168,327,000 after purchasing an additional 636,482 shares in the last quarter. Institutional investors own 41.42% of the company’s stock.

IonQ Trading Up 1.2%

Shares of NYSE:IONQ opened at $46.39 on Friday. The company has a market capitalization of $16.12 billion, a price-to-earnings ratio of -8.67 and a beta of 2.62. IonQ has a 12 month low of $17.88 and a 12 month high of $84.64. The firm’s 50-day moving average is $54.68 and its 200 day moving average is $49.85.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The firm had revenue of $39.87 million during the quarter, compared to the consensus estimate of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The firm’s revenue for the quarter was up 221.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.24) EPS. As a group, equities analysts forecast that IonQ will post -0.86 EPS for the current fiscal year.

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.