IonQ (NYSE:IONQ) Given New $30.00 Price Target 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 report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential downside of 6.48% from the company’s current price.

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

IonQ Price Performance

IONQ traded up $1.83 during trading hours on Friday, reaching $32.08. The company’s stock had a trading volume of 45,690,519 shares, compared to its average volume of 45,682,758. The stock has a market cap of $6.94 billion, a PE ratio of -39.60 and a beta of 2.43. IonQ has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The business’s 50-day moving average is $33.76 and its 200-day moving average is $17.45.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share 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 business had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same quarter in the prior year, the company posted ($0.22) earnings per share. The business’s revenue for the quarter was up 102.1% compared to the same quarter last year. Analysts expect that IonQ will post -0.86 EPS for the current year.

Insider Activity at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares in the company, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 109,507 shares of company stock worth $2,279,308. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several large investors have recently bought and sold shares of the business. Versant Capital Management Inc boosted its position in shares of IonQ by 1,348.5% during the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after acquiring an additional 890 shares in the last quarter. Quest Partners LLC lifted its stake in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares during the last quarter. GAMMA Investing LLC boosted its holdings in 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 in the last quarter. Redwood Wealth Management Group LLC purchased a new position in IonQ in the second quarter valued at approximately $67,000. Finally, nVerses Capital LLC acquired a new stake in IonQ during the third quarter worth approximately $72,000. Hedge funds and other institutional investors 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.