Northland Securities Forecasts Strong Price Appreciation for IonQ (NYSE:IONQ) Stock

IonQ (NYSE:IONQ) had its target price boosted by equities research analysts at Northland Securities from $55.00 to $70.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Northland Securities’ price objective would indicate a potential upside of 22.17% from the company’s current price.

Other research analysts have also issued reports about the company. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of IonQ in a research note on Thursday, June 11th. Wall Street Zen upgraded shares of IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 13th. 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. Morgan Stanley set a $48.50 target price on shares of IonQ in a research report on Thursday, May 7th. Finally, Wedbush reissued an “outperform” rating and set a $60.00 price target on shares of IonQ in a report on Monday, May 4th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.88.

IonQ Stock Up 1.3%

IONQ traded up $0.75 during midday trading on Monday, reaching $57.30. 7,958,638 shares of the company’s stock were exchanged, compared to its average volume of 26,388,506. The business has a 50-day simple moving average of $53.01 and a two-hundred day simple moving average of $44.96. The firm has a market capitalization of $21.39 billion, a price-to-earnings ratio of -203.41 and a beta of 3.18. IonQ has a one year low of $25.89 and a one year high of $84.64.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The company had revenue of $64.67 million during the quarter, compared to the consensus estimate 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 in the prior year, the company posted ($0.14) earnings per share. As a group, research analysts anticipate that IonQ will post -2.26 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the transaction, the insider directly owned 139,967 shares in the company, valued at approximately $6,984,353.30. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Ameriflex Group Inc. increased its stake in shares of IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after buying an additional 340 shares during the period. Beaird Harris Wealth Management LLC lifted its stake in shares of IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after acquiring an additional 270 shares during the period. Accent Capital Management LLC boosted its holdings in IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after acquiring an additional 371 shares during the last quarter. Kelleher Financial Advisors bought a new position in IonQ in the third quarter valued at about $36,000. Finally, Fortitude Family Office LLC increased its position in IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after purchasing an additional 608 shares during the period. 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.