IonQ (NYSE:IONQ) Coverage Initiated at DA Davidson

Investment analysts at DA Davidson started coverage on shares of IonQ (NYSE:IONQ) in a research report issued to clients and investors on Thursday,Benzinga reports. The firm set a “buy” rating and a $50.00 price target on the stock. DA Davidson’s price objective suggests a potential upside of 33.33% from the company’s previous close.

A number of other equities analysts also recently weighed in on the stock. Needham & Company LLC lifted their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Craig Hallum lifted their price objective on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

IonQ Stock Down 14.5 %

Shares of NYSE:IONQ opened at $37.50 on Thursday. The firm has a market cap of $8.11 billion, a P/E ratio of -46.30 and a beta of 2.49. IonQ has a 12-month low of $6.22 and a 12-month high of $44.99. The business has a fifty day simple moving average of $24.51 and a 200 day simple moving average of $13.57.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same period in the previous year, the company posted ($0.22) EPS. The company’s quarterly revenue was up 102.1% on a year-over-year basis. As a group, equities research analysts expect that IonQ will post -0.86 EPS for the current year.

Insider Activity

In other news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the transaction, the executive now owns 648,783 shares in the company, valued at approximately $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,223 shares of company stock worth $2,286,983. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of hedge funds have recently added to or reduced their stakes in IONQ. Bank of New York Mellon Corp boosted its position in shares of IonQ by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after buying an additional 131,439 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of IonQ by 40.6% in the 2nd quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock worth $188,000 after acquiring an additional 7,744 shares in the last quarter. Rhumbline Advisers lifted its position in shares of IonQ by 13.5% during the second quarter. Rhumbline Advisers now owns 295,918 shares of the company’s stock valued at $2,080,000 after purchasing an additional 35,158 shares in the last quarter. Foundations Investment Advisors LLC boosted its holdings in IonQ by 99.5% during the second quarter. Foundations Investment Advisors LLC now owns 121,242 shares of the company’s stock worth $852,000 after purchasing an additional 60,483 shares during the last quarter. Finally, Arizona State Retirement System grew its position in IonQ by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after purchasing an additional 1,731 shares in the last quarter. Institutional investors and hedge funds 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.