IonQ, Inc. (NYSE:IONQ) Receives $16.50 Average Target Price from Analysts

Shares of IonQ, Inc. (NYSE:IONQ) have received an average recommendation of “Moderate Buy” from the six brokerages that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $16.50.

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group cut their price objective on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of IonQ in a report on Thursday, February 29th.

IonQ Price Performance

NYSE IONQ opened at $7.09 on Friday. The stock’s fifty day moving average price is $9.66 and its 200 day moving average price is $11.38. IonQ has a 1 year low of $5.29 and a 1 year high of $21.60. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -9.09 and a beta of 2.14.

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

Insider Activity

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

Institutional Trading of IonQ

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of IonQ by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock worth $221,864,000 after acquiring an additional 193,924 shares during the last quarter. BlackRock Inc. grew its holdings in shares of IonQ by 30.2% during the second quarter. BlackRock Inc. now owns 11,291,831 shares of the company’s stock worth $152,778,000 after buying an additional 2,619,268 shares in the last quarter. Softbank Group CORP. acquired a new stake in shares of IonQ in the first quarter valued at about $37,753,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of IonQ in the fourth quarter worth about $67,421,000. Finally, State Street Corp lifted its stake in shares of IonQ by 32.1% in the second quarter. State Street Corp now owns 3,207,505 shares of the company’s stock worth $43,398,000 after buying an additional 780,250 shares in the last quarter. 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.