IonQ (NYSE:IONQ) Price Target Raised to $18.00

IonQ (NYSE:IONQ) had its target price hoisted by Needham & Company LLC from $13.00 to $18.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts also recently commented on the company. The Goldman Sachs Group decreased their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Craig Hallum reduced their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Benchmark dropped their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th.

IonQ Trading Up 12.1 %

NYSE:IONQ opened at $24.79 on Thursday. IonQ has a twelve month low of $6.22 and a twelve month high of $25.68. The company has a market cap of $5.31 billion, a PE ratio of -30.60 and a beta of 1.89. The company’s 50 day moving average is $11.13 and its two-hundred day moving average is $9.01.

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

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the transaction, the executive now directly owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 66,000 shares of company stock valued at $972,331 over the last ninety days. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Carnegie Investment Counsel acquired a new position in IonQ during the third quarter worth $5,036,000. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ in the third quarter worth approximately $3,749,000. Bleakley Financial Group LLC purchased a new stake in shares of IonQ during the third quarter worth approximately $152,000. Oppenheimer & Co. Inc. raised its stake in IonQ by 4.0% in 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. Finally, Gamco Investors INC. ET AL acquired a new position in IonQ in the 1st quarter valued at $185,000. 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.