Wedbush Reaffirms “Outperform” Rating for IonQ (NYSE:IONQ)

IonQ (NYSE:IONQ)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a note issued to investors on Monday,Benzinga reports. They currently have a $75.00 price objective on the stock. Wedbush’s target price suggests a potential upside of 92.07% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of IonQ in a research report on Thursday, June 11th. JPMorgan Chase & Co. lifted their price target on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Jefferies Financial Group set a $85.00 price objective on IonQ in a research note on Thursday, May 7th. Finally, Weiss Ratings upgraded IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.71.

IonQ Price Performance

IONQ stock opened at $39.05 on Monday. IonQ has a 1 year low of $25.89 and a 1 year high of $84.64. The company has a market cap of $14.58 billion, a P/E ratio of -137.50 and a beta of 3.23. The stock’s fifty day moving average price is $50.56 and its 200-day moving average price is $43.57.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The firm had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The firm’s revenue was up 754.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.14) EPS. As a group, analysts expect that IonQ will post -2.26 earnings per share for the current year.

Insider Buying and Selling at IonQ

In related news, Director Gabrielle B. Toledano sold 2,757 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the sale, the director owned 11,154 shares in the company, valued at approximately $613,581.54. This represents a 19.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kathryn K. Chou sold 2,757 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.02, for a total transaction of $151,690.14. Following the transaction, the director owned 62,608 shares in the company, valued at $3,444,692.16. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 13,102 shares of company stock valued at $701,489. 0.55% of the stock is owned by company insiders.

Institutional Trading of IonQ

A number of large investors have recently made changes to their positions in the stock. Handelsbanken Fonder AB boosted its position in IonQ by 41.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 130,200 shares of the company’s stock valued at $6,934,000 after buying an additional 38,000 shares during the period. Fulton Bank N.A. bought a new stake in shares of IonQ during the second quarter valued at approximately $202,000. Wealthcare Advisory Partners LLC boosted its holdings in shares of IonQ by 33.9% in the second quarter. Wealthcare Advisory Partners LLC now owns 11,541 shares of the company’s stock valued at $615,000 after purchasing an additional 2,923 shares during the period. Bay Rivers Group bought a new position in IonQ in the second quarter worth approximately $337,000. Finally, Adamsbrown Wealth Consultants LLC purchased a new position in IonQ during the 2nd quarter worth $221,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.