IonQ (NYSE:IONQ) Stock Price Expected to Rise, Benchmark Analyst Says

IonQ (NYSE:IONQ) had its target price upped by Benchmark from $12.00 to $22.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group lowered their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Craig Hallum cut 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, Needham & Company LLC upped their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday.

IonQ Stock Performance

Shares of NYSE IONQ traded up $2.61 during mid-day trading on Thursday, reaching $24.72. The company had a trading volume of 62,781,363 shares, compared to its average volume of 7,747,470. IonQ has a twelve month low of $6.22 and a twelve month high of $25.66. The stock’s 50 day moving average is $10.49 and its 200-day moving average is $8.79. The stock has a market capitalization of $5.29 billion, a PE ratio of -30.72 and a beta of 1.89.

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 ($0.23) by ($0.01). The business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. IonQ’s revenue was up 102.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.22) EPS. On average, sell-side analysts anticipate that IonQ will post -0.84 EPS for the current year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now directly owns 648,783 shares of the company’s stock, valued at $6,954,953.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Oppenheimer & Co. Inc. raised its stake in IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after acquiring an additional 1,400 shares in the last quarter. Arizona State Retirement System lifted its holdings in IonQ by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after purchasing an additional 1,731 shares during the last quarter. ProShare Advisors LLC boosted its position in IonQ by 10.5% in the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after buying an additional 2,805 shares in the last quarter. Verity Asset Management Inc. increased its holdings in shares of IonQ by 12.4% during the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock worth $296,000 after buying an additional 3,736 shares in the last quarter. Finally, Quest Partners LLC increased 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 valued at $46,000 after purchasing an additional 6,368 shares in the last quarter. 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.