Benchmark Reaffirms Buy Rating for IonQ (NYSE:IONQ)

Benchmark reiterated their buy rating on shares of IonQ (NYSE:IONQ) in a report released on Wednesday,Benzinga reports. They currently have a $50.00 price objective on the stock.

A number of other research analysts have also recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of IonQ in a research note on Wednesday, June 11th. DA Davidson lowered their price objective on IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Morgan Stanley lifted their price objective on IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.00.

IonQ Trading Down 2.2%

Shares of NYSE:IONQ opened at $40.23 on Wednesday. The stock has a fifty day simple moving average of $36.08 and a two-hundred day simple moving average of $33.76. The stock has a market capitalization of $10.53 billion, a price-to-earnings ratio of -27.00 and a beta of 2.59. IonQ has a 12-month low of $6.22 and a 12-month high of $54.74.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.14. The business had revenue of $7.57 million during the quarter, compared to analysts’ expectations of $7.51 million. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.19) earnings per share. As a group, equities research analysts predict that IonQ will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other news, Director Gabrielle B. Toledano sold 792 shares of the business’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $41.50, for a total value of $32,868.00. Following the completion of the transaction, the director now owns 792 shares in the company, valued at $32,868. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Peter Hume Chapman sold 1,497,311 shares of the business’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $39.93, for a total value of $59,787,628.23. Following the completion of the transaction, the insider now owns 390,329 shares of the company’s stock, valued at $15,585,836.97. This represents a 79.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,972,201 shares of company stock worth $350,540,009 over the last quarter. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. ORG Partners LLC increased its position in IonQ by 348.0% during the first quarter. ORG Partners LLC now owns 1,120 shares of the company’s stock valued at $26,000 after acquiring an additional 870 shares during the last quarter. Smartleaf Asset Management LLC increased its position in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after acquiring an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. purchased a new stake in IonQ during the fourth quarter valued at $27,000. TD Waterhouse Canada Inc. purchased a new stake in IonQ during the fourth quarter valued at $33,000. Finally, Future Financial Wealth Managment LLC increased its position in IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock valued at $33,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other 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.