IonQ (NYSE:IONQ) Price Target Raised to $22.00

IonQ (NYSE:IONQ) had its price target boosted by Craig Hallum from $15.00 to $22.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also weighed in on IONQ. The Goldman Sachs Group cut their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Benchmark raised their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Needham & Company LLC boosted their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday.

IonQ Stock Performance

Shares of IonQ stock traded up $2.68 on Thursday, hitting $24.79. The company had a trading volume of 64,845,208 shares, compared to its average volume of 19,881,288. IonQ has a 1 year low of $6.22 and a 1 year high of $25.68. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of -30.60 and a beta of 1.89. The stock has a 50 day moving average of $11.13 and a 200-day moving average of $9.01.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.04%. The firm had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. During the same quarter in the previous year, the company posted ($0.22) EPS. IonQ’s revenue for the quarter was up 102.1% on a year-over-year basis. Equities analysts anticipate that IonQ will post -0.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the sale, the executive now owns 648,783 shares in the company, valued at approximately $6,954,953.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 66,000 shares of company stock worth $972,331 in the last ninety days. 11.60% of the stock is currently owned by insiders.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently made changes to their positions in IONQ. Oppenheimer & Co. Inc. grew its holdings in shares of IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after purchasing an additional 1,400 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of IonQ by 3.6% in the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after buying an additional 1,731 shares during the period. ProShare Advisors LLC boosted its holdings in IonQ by 10.5% during the 1st quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after acquiring an additional 2,805 shares during the period. Verity Asset Management Inc. grew its position in IonQ by 12.4% during the 3rd quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock worth $296,000 after acquiring an additional 3,736 shares during the last quarter. Finally, Quest Partners LLC increased its stake in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares during the period. 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.