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

IonQ (NYSE:IONQ) had its price target hoisted by equities research analysts at Craig Hallum from $22.00 to $45.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s price target indicates a potential upside of 2.88% from the stock’s current price.

Several other research firms have also recently weighed in on IONQ. Benchmark boosted their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, DA Davidson started coverage on shares of IonQ in a research note on Thursday. They set a “buy” rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.60.

IonQ Trading Up 15.8 %

IONQ traded up $5.98 during trading on Friday, reaching $43.74. 14,100,090 shares of the company’s stock were exchanged, compared to its average volume of 10,337,357. IonQ has a one year low of $6.22 and a one year high of $44.99. The firm has a fifty day moving average price of $25.07 and a two-hundred day moving average price of $13.74. The stock has a market capitalization of $9.46 billion, a PE ratio of -54.00 and a beta of 2.49.

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

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the sale, the executive now owns 638,908 shares in the company, valued at $7,488,001.76. The trade was a 1.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,223 shares of company stock worth $2,286,983. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Arizona State Retirement System raised its stake in IonQ by 3.6% during the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after buying an additional 1,731 shares during the last quarter. Verity Asset Management Inc. grew its position in shares of IonQ by 12.4% during the 3rd quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock valued at $296,000 after acquiring an additional 3,736 shares during the period. HighTower Advisors LLC raised its holdings in IonQ by 29.3% in the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after purchasing an additional 4,288 shares during the period. Quest Partners LLC lifted its position in IonQ by 4,824.2% during 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. Finally, Principal Financial Group Inc. grew its holdings in IonQ by 40.6% during the second quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock valued at $188,000 after purchasing an additional 7,744 shares during the period. 41.42% of the stock is owned by institutional investors.

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.