Morgan Stanley Issues Positive Forecast for IonQ (NYSE:IONQ) Stock Price

IonQ (NYSE:IONQ) had its price objective hoisted by Morgan Stanley from $29.00 to $30.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

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

IonQ Stock Down 2.0 %

NYSE: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 12 month low of $6.22 and a 12 month high of $54.74. The company’s 50-day moving average price is $24.91 and its two-hundred day moving average price is $30.58.

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

Insider Buying and Selling at IonQ

In other IonQ news, Director William F. Scannell bought 93,066 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the transaction, the director now owns 135,047 shares of the company’s stock, valued at approximately $2,945,375.07. The trade was a 221.69 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the transaction, the insider now owns 414,363 shares in the company, valued at $7,756,875.36. This represents a 82.84 % 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. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC acquired a new stake in shares of IonQ in the 4th quarter valued at approximately $26,000. ORG Partners LLC raised its holdings in IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company’s stock worth $26,000 after purchasing an additional 870 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ in the 4th quarter valued at $27,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of IonQ in the 4th quarter valued at $33,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.