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

IonQ (NYSE:IONQ) had its price objective raised by Craig Hallum from $15.00 to $22.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on IONQ. 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. Benchmark increased their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, The Goldman Sachs Group decreased their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th.

IonQ Price Performance

Shares of NYSE IONQ traded up $2.69 during trading on Thursday, reaching $24.80. 64,788,849 shares of the stock traded hands, compared to its average volume of 7,756,447. The company has a 50-day moving average of $10.78 and a 200-day moving average of $8.89. IonQ has a 52-week low of $6.22 and a 52-week high of $25.68. The stock has a market capitalization of $5.31 billion, a P/E ratio of -31.38 and a beta of 1.89.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). 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 34.02% and a negative net margin of 525.13%. The firm’s quarterly revenue was up 102.1% on a year-over-year basis. During the same period last year, the business posted ($0.22) earnings per share. Analysts expect that IonQ will post -0.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares of the company’s stock, valued at $10,519,679.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

A number of institutional investors have recently made changes to their positions in IONQ. Oppenheimer & Co. Inc. boosted its position in IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after buying an additional 1,400 shares during the period. Arizona State Retirement System grew its stake in shares of IonQ by 3.6% in the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after purchasing an additional 1,731 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of IonQ by 10.5% in the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock worth $294,000 after purchasing an additional 2,805 shares during the last quarter. Verity Asset Management Inc. raised its position in 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 purchasing an additional 3,736 shares during the last quarter. Finally, Quest Partners LLC lifted its holdings in IonQ by 4,824.2% in 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. 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.