IonQ (NYSE:IONQ) Given New $45.00 Price Target at Craig Hallum

IonQ (NYSE:IONQ - Free Report) had its price target hoisted by Craig Hallum from $22.00 to $45.00 in a research report released on Friday,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

A number of other research firms have also commented on IONQ. Needham & Company LLC boosted their price objective on IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. DA Davidson initiated coverage on IonQ in a report on Thursday. They issued a "buy" rating and a $50.00 price target for the company. Finally, Benchmark increased their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, IonQ has an average rating of "Moderate Buy" and a consensus price target of $28.60.

IonQ Stock Performance

NYSE IONQ traded up $6.66 during trading on Friday, reaching $44.42. 47,582,746 shares of the company traded hands, compared to its average volume of 10,486,463. IonQ has a 1-year low of $6.22 and a 1-year high of $47.41. The company has a market cap of $9.61 billion, a price-to-earnings ratio of -54.84 and a beta of 2.49. The stock's 50 day moving average price is $25.74 and its two-hundred day moving average price is $13.99.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same period in the prior year, the firm earned ($0.22) EPS. IonQ's quarterly revenue was up 102.1% compared to the same quarter last year. Equities research analysts expect that IonQ will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the firm'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 value of $389,641.38. Following the transaction, the chief executive officer now directly owns 414,363 shares of the company's stock, valued at approximately $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the sale, the executive now directly owns 592,658 shares of the company's stock, valued at $10,519,679.50. This represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,223 shares of company stock worth $2,286,983 over the last 90 days. 11.60% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC increased its stake in IonQ by 4,824.2% in the second 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. Redwood Wealth Management Group LLC bought a new stake in shares of IonQ in the 2nd quarter valued at $67,000. nVerses Capital LLC acquired a new stake in IonQ during the 3rd quarter worth $72,000. Mosley Wealth Management bought a new position in IonQ during the second quarter worth about $81,000. Finally, Xponance Inc. acquired a new position in IonQ in the second quarter valued at about $88,000. 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.