IonQ (NYSE:IONQ) Price Target Raised to $30.00 at The Goldman Sachs Group

IonQ (NYSE:IONQ) had its price target lifted by investment analysts at The Goldman Sachs Group from $16.00 to $30.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential downside of 6.48% from the company’s current price.

A number of other equities research analysts have also recently commented on IONQ. Needham & Company LLC increased their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Benchmark increased their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, DA Davidson started coverage on shares of IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Stock Performance

IonQ stock traded up $1.83 during mid-day trading on Friday, reaching $32.08. 45,690,519 shares of the company were exchanged, compared to its average volume of 45,682,758. IonQ has a 12-month low of $6.22 and a 12-month high of $54.74. The business has a fifty day moving average of $33.76 and a 200 day moving average of $17.45. The firm has a market cap of $6.94 billion, a P/E ratio of -39.60 and a beta of 2.43.

IonQ (NYSE:IONQ) last issued its quarterly earnings data 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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. During the same period in the previous year, the firm earned ($0.22) EPS. The firm’s quarterly revenue was up 102.1% on a year-over-year basis. Sell-side analysts predict that IonQ will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the transaction, the executive now directly owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 109,507 shares of company stock valued at $2,279,308. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Large investors have recently modified their holdings of the business. Versant Capital Management Inc grew its stake in IonQ by 1,348.5% during the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after acquiring an additional 890 shares in the last quarter. Quest Partners LLC grew its position in shares of IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after purchasing an additional 480 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new position in IonQ during the second quarter worth approximately $67,000. Finally, nVerses Capital LLC purchased a new stake in IonQ in the 3rd quarter valued at $72,000. Hedge funds and other 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.