Craig Hallum Issues Positive Forecast for IonQ (NYSE:IONQ) Stock Price

IonQ (NYSE:IONQ) had its price target upped by Craig Hallum from $15.00 to $22.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s price objective indicates a potential upside of 1.71% from the stock’s previous close.

A number of other brokerages also recently commented on IONQ. Needham & Company LLC upped their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. Benchmark upped 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, The Goldman Sachs Group lowered their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th.

IonQ Stock Performance

IonQ stock traded up $5.18 during mid-day trading on Thursday, hitting $21.63. 56,711,558 shares of the company traded hands, compared to its average volume of 7,420,296. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of -27.56 and a beta of 1.89. IonQ has a one year low of $6.22 and a one year high of $22.62. The stock has a fifty day moving average price of $10.49 and a 200-day moving average price of $8.79.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the business posted ($0.22) EPS. The firm’s revenue for the quarter was up 102.1% on a year-over-year basis. Sell-side analysts predict that IonQ will post -0.84 EPS for the current year.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the transaction, the executive now owns 638,908 shares in the company, valued at $7,488,001.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 66,000 shares of company stock valued at $972,331 over the last 90 days. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its position in shares of IonQ by 283.1% in the first quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company’s stock valued at $1,121,000 after acquiring an additional 82,891 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of IonQ by 1,598.7% during the 1st quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock worth $20,825,000 after buying an additional 1,961,909 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in IonQ by 4.0% in the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after acquiring an additional 1,400 shares during the last quarter. Swiss National Bank lifted its stake in shares of IonQ by 14.8% in the 1st quarter. Swiss National Bank now owns 343,600 shares of the company’s stock valued at $3,433,000 after purchasing an additional 44,200 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of IonQ during the 1st quarter worth $192,000. 41.42% of the stock is owned by institutional investors and hedge funds.

About IonQ

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.