IonQ (NYSE:IONQ) Stock Price Expected to Rise, Morgan Stanley Analyst Says

IonQ (NYSE:IONQ) had its price target raised by equities researchers at Morgan Stanley from $29.00 to $30.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential downside of 3.88% from the stock’s current price.

A number of other analysts have also commented on IONQ. Benchmark decreased their target price on IonQ from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. DA Davidson decreased their price objective on IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a report on Monday, April 14th. The Goldman Sachs Group increased their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Finally, Needham & Company LLC decreased their price target on shares of IonQ from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $38.33.

IonQ Stock Performance

Shares of IONQ opened at $31.21 on Thursday. The firm has a market cap of $6.95 billion, a PE ratio of -38.53 and a beta of 2.46. IonQ has a 52-week low of $6.22 and a 52-week high of $54.74. The business’s 50 day moving average price is $24.91 and its two-hundred day moving average price is $30.47.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.14. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. During the same period in the prior year, the firm earned ($0.19) earnings per share. IonQ’s revenue was down .2% on a year-over-year basis. Research analysts predict that IonQ will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $217,491.84. Following the transaction, the chief financial officer now owns 944,510 shares of the company’s stock, valued at $17,539,550.70. This trade represents a 1.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the transaction, the executive now directly owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several large investors have recently made changes to their positions in the business. PDS Planning Inc increased its holdings in IonQ by 2.6% during the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company’s stock worth $494,000 after buying an additional 300 shares during the last quarter. Mariner LLC increased its stake in shares of IonQ by 0.6% during the 4th quarter. Mariner LLC now owns 54,479 shares of the company’s stock worth $2,276,000 after purchasing an additional 350 shares during the last quarter. Allworth Financial LP raised its holdings in shares of IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock worth $116,000 after purchasing an additional 363 shares during the period. GAMMA Investing LLC lifted its stake in IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after purchasing an additional 480 shares during the last quarter. Finally, Future Financial Wealth Managment LLC grew its holdings 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 purchasing an additional 500 shares during the period. 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.