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

Shares of IonQ, Inc. (NYSE:IONQ) have received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $16.50.

IONQ has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of IonQ in a report on Thursday, February 29th. The Goldman Sachs Group reduced their target price on IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, February 29th.

Insider Transactions at IonQ

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

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Norges Bank purchased a new stake in IonQ in the 4th quarter valued at about $26,430,000. Vanguard Group Inc. grew its holdings in shares of IonQ by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 17,712,807 shares of the company’s stock worth $263,567,000 after purchasing an additional 376,629 shares during the period. Invesco Ltd. grew its holdings in shares of IonQ by 282.9% during the 3rd quarter. Invesco Ltd. now owns 453,221 shares of the company’s stock worth $6,744,000 after purchasing an additional 334,856 shares during the period. Trexquant Investment LP purchased a new stake in shares of IonQ during the 3rd quarter worth about $3,402,000. Finally, Value Star Asset Management Hong Kong Ltd purchased a new stake in shares of IonQ during the 3rd quarter worth about $2,772,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Price Performance

NYSE:IONQ opened at $7.97 on Friday. The firm’s fifty day moving average price is $9.52 and its 200 day moving average price is $11.28. IonQ has a 1-year low of $5.29 and a 1-year high of $21.60. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of -10.22 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, beating 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 company had revenue of $6.11 million during the quarter, compared to the consensus estimate of $5.70 million. As a group, analysts expect 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.