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

IonQ (NYSE:IONQ) had its target price lifted by Benchmark from $12.00 to $22.00 in a research report sent to investors on Thursday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other research analysts also recently commented on the company. Needham & Company LLC lifted their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday. Craig Hallum reduced their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group dropped their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th.

IonQ Price Performance

Shares of IONQ traded up $2.68 during trading hours on Thursday, reaching $24.79. 64,845,208 shares of the company’s stock traded hands, compared to its average volume of 19,881,288. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of -30.60 and a beta of 1.89. IonQ has a twelve month low of $6.22 and a twelve month high of $25.68. The business’s fifty day simple moving average is $11.13 and its two-hundred day simple moving average is $9.01.

IonQ (NYSE:IONQ) last announced its quarterly 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 net margin of 457.85% and a negative return on equity of 36.04%. The firm had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same quarter in the prior year, the firm earned ($0.22) earnings per share. The firm’s quarterly revenue was up 102.1% compared to the same quarter last year. On average, equities research analysts expect that IonQ will post -0.84 EPS for the current year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the transaction, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 66,000 shares of company stock worth $972,331 over the last 90 days. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several hedge funds have recently modified their holdings of IONQ. Quest Partners LLC lifted its holdings in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after buying an additional 6,368 shares during the period. Redwood Wealth Management Group LLC bought a new stake in IonQ in the 2nd quarter valued at about $67,000. nVerses Capital LLC acquired a new position in IonQ during the 3rd quarter valued at about $72,000. Mosley Wealth Management acquired a new position in IonQ during the 2nd quarter valued at about $81,000. Finally, Xponance Inc. purchased a new position in shares of IonQ in the 2nd quarter worth approximately $88,000. 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.