Rosenblatt Securities Reiterates Buy Rating for IonQ (NYSE:IONQ)

IonQ (NYSE:IONQ)‘s stock had its “buy” rating reaffirmed by equities research analysts at Rosenblatt Securities in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $100.00 price target on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 229.29% from the company’s previous close.

A number of other brokerages have also weighed in on IONQ. Morgan Stanley raised their price objective on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. began coverage on IonQ in a research note on Thursday, November 20th. They set a “neutral” rating and a $47.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a report on Thursday, January 22nd. Wedbush initiated coverage on IonQ in a report on Wednesday, December 17th. They set an “outperform” rating and a $60.00 price objective on the stock. Finally, DA Davidson increased their target price on IonQ from $35.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.91.

IonQ Price Performance

Shares of IONQ opened at $30.37 on Friday. The firm has a market cap of $10.55 billion, a P/E ratio of -5.68 and a beta of 2.63. IonQ has a 1 year low of $17.88 and a 1 year high of $84.64. The company has a 50 day simple moving average of $47.65 and a two-hundred day simple moving average of $51.13.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The company had revenue of $39.87 million during the quarter, compared to analysts’ expectations of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.IonQ’s quarterly revenue was up 221.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.24) EPS. On average, sell-side analysts anticipate that IonQ will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other news, Director Kathryn K. Chou sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $51.40, for a total transaction of $1,028,000.00. Following the transaction, the director owned 60,839 shares of the company’s stock, valued at approximately $3,127,124.60. The trade was a 24.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William J. Teuber, Jr. purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were bought at an average price of $54.81 per share, for a total transaction of $109,620.00. Following the acquisition, the director directly owned 6,413 shares in the company, valued at $351,496.53. This trade represents a 45.32% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders sold 125,000 shares of company stock worth $5,992,000. 5.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IonQ

Large investors have recently made changes to their positions in the company. Archer Investment Corp raised its position in IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock worth $25,000 after purchasing an additional 322 shares during the period. Stone House Investment Management LLC grew its stake in shares of IonQ by 700.0% during the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after buying an additional 350 shares during the last quarter. Ameriflex Group Inc. raised its holdings in shares of IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares during the period. Hilltop National Bank raised its holdings in shares of IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after buying an additional 225 shares during the period. Finally, Fortitude Family Office LLC lifted its stake in shares of IonQ by 3,800.0% during the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after acquiring an additional 608 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

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. 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.