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

IonQ (NYSE:IONQ)‘s stock had its “buy” rating reiterated by Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They currently have a $100.00 price objective on the stock. Rosenblatt Securities’ price target suggests a potential upside of 75.35% from the stock’s current price.

Several other brokerages also recently issued reports on IONQ. Needham & Company LLC cut their price objective on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. DA Davidson lowered their target price on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 26th. Benchmark lowered their target price on shares of IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. JPMorgan Chase & Co. raised their target price on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Finally, Morgan Stanley set a $48.50 target price on shares of IonQ in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $68.63.

IonQ Trading Up 0.7%

Shares of NYSE IONQ traded up $0.40 during mid-day trading on Thursday, hitting $57.03. The company had a trading volume of 10,414,722 shares, compared to its average volume of 26,606,697. IonQ has a one year low of $25.89 and a one year high of $84.64. The company has a market capitalization of $21.29 billion, a PE ratio of -203.00 and a beta of 3.18. The firm has a 50-day simple moving average of $49.02 and a two-hundred day simple moving average of $44.43.

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

Insider Transactions at IonQ

In related news, insider Robert T. Cardillo sold 3,773 shares of IonQ stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the transaction, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.20% of the stock is owned by company insiders.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rathbones Group PLC lifted its holdings in IonQ by 13.0% in the first quarter. Rathbones Group PLC now owns 13,032 shares of the company’s stock valued at $376,000 after buying an additional 1,500 shares during the period. NewEdge Advisors LLC increased its position in shares of IonQ by 7.0% during the first quarter. NewEdge Advisors LLC now owns 24,747 shares of the company’s stock worth $713,000 after acquiring an additional 1,612 shares in the last quarter. Asset Dedication LLC increased its position in shares of IonQ by 1,556.8% during the first quarter. Asset Dedication LLC now owns 2,071 shares of the company’s stock worth $60,000 after acquiring an additional 1,946 shares in the last quarter. Cim Investment Management Inc. bought a new stake in IonQ in the 1st quarter worth about $481,000. Finally, JTC Employer Solutions Trustee Ltd grew its position in IonQ by 62.8% in the 1st quarter. JTC Employer Solutions Trustee Ltd now owns 10,372 shares of the company’s stock worth $299,000 after purchasing an additional 4,000 shares in the last quarter. Institutional investors 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. 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.