IonQ (NYSE:IONQ) Given New $45.00 Price Target at Craig Hallum

IonQ (NYSE:IONQ) had its target price lifted by investment analysts at Craig Hallum from $22.00 to $45.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s price target suggests a potential upside of 2.88% from the stock’s previous close.

IONQ has been the topic of several other reports. Benchmark increased their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson initiated coverage on IonQ in a report on Thursday. They set a “buy” rating and a $50.00 price objective for the company. Finally, Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.60.

IonQ Stock Up 15.8 %

IonQ stock traded up $5.98 during mid-day trading on Friday, hitting $43.74. 14,100,090 shares of the company were exchanged, compared to its average volume of 10,337,357. IonQ has a 1-year low of $6.22 and a 1-year high of $44.99. The business has a fifty day moving average of $25.07 and a 200 day moving average of $13.74. The company has a market capitalization of $9.46 billion, a PE ratio of -54.00 and a beta of 2.49.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s revenue was up 102.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.22) EPS. Research analysts expect that IonQ will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the sale, the executive now directly owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,223 shares of company stock worth $2,286,983. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of institutional investors and hedge funds have recently made changes to their positions in IONQ. Arete Wealth Advisors LLC acquired a new position in IonQ during the third quarter valued at approximately $91,000. Geode Capital Management LLC lifted its position in shares of IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after buying an additional 199,360 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in IonQ in the third quarter valued at about $1,631,000. Main Management ETF Advisors LLC acquired a new position in IonQ during the third quarter worth about $1,865,000. Finally, Zacks Investment Management lifted its holdings in shares of IonQ by 10.0% in the third quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock worth $1,352,000 after acquiring an additional 14,072 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

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.