IonQ (NYSE:IONQ) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

IonQ (NYSE:IONQ) had its target price boosted by The Goldman Sachs Group from $16.00 to $30.00 in a research report released on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently weighed in on IONQ. Craig Hallum increased their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Benchmark raised their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, DA Davidson initiated coverage on shares of IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 target price on the stock. One 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

IonQ Stock Performance

NYSE IONQ opened at $32.48 on Friday. The stock has a market cap of $7.03 billion, a PE ratio of -40.10 and a beta of 2.43. The firm has a 50-day moving average of $34.12 and a 200-day moving average of $17.63. IonQ has a 52-week low of $6.22 and a 52-week high of $54.74.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The firm had revenue of $12.40 million for 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 company’s revenue was up 102.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.22) EPS. As a group, analysts predict that IonQ will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the sale, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. This represents a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 109,507 shares of company stock worth $2,279,308 over the last ninety days. Corporate insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc grew its holdings 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 valued at $40,000 after purchasing an additional 890 shares during the last quarter. Quest Partners LLC grew its position in shares of 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. GAMMA Investing LLC boosted its position in shares of IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after purchasing an additional 480 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new stake in IonQ in the second quarter valued at approximately $67,000. Finally, nVerses Capital LLC acquired a new position in shares of IonQ during the third quarter valued at about $72,000. 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.