IonQ (NYSE:IONQ) Price Target Raised to $18.00 at Needham & Company LLC

IonQ (NYSE:IONQ - Get Free Report) had its price target hoisted by investment analysts at Needham & Company LLC from $13.00 to $18.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price would suggest a potential downside of 16.94% from the company's current price.

Several other analysts have also commented on IONQ. Craig Hallum lowered their price objective on shares of IonQ from $21.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group reduced their price objective 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. Finally, Benchmark decreased their price objective on IonQ from $16.00 to $12.00 and set a "buy" rating on the stock in a research report on Monday, August 12th.

IonQ Price Performance

Shares of IONQ stock traded up $5.22 on Thursday, hitting $21.67. 57,407,551 shares of the company's stock were exchanged, compared to its average volume of 7,430,990. IonQ has a 12 month low of $6.22 and a 12 month high of $22.62. The stock has a market cap of $4.64 billion, a P/E ratio of -27.56 and a beta of 1.89. The company has a 50 day moving average of $10.49 and a 200 day moving average of $8.79.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The firm had revenue of $12.40 million during the quarter, compared to analysts' expectations of $10.56 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business's revenue for the quarter was up 102.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.22) EPS. Sell-side analysts predict that IonQ will post -0.84 EPS for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the company's stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the transaction, the executive now directly owns 592,658 shares of the company's stock, valued at $10,519,679.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 66,000 shares of company stock valued at $972,331 over the last 90 days. Corporate insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Quest Partners LLC increased its holdings 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 buying an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in IonQ in the second quarter worth about $67,000. nVerses Capital LLC bought a new stake in IonQ during the third quarter valued at about $72,000. Mosley Wealth Management purchased a new position in IonQ during the 2nd quarter worth approximately $81,000. Finally, Xponance Inc. acquired a new stake in shares of IonQ in the 2nd quarter worth $88,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.