The Goldman Sachs Group Issues Positive Forecast for IonQ (NYSE:IONQ) Stock Price

IonQ (NYSE:IONQ - Get Free Report) had its price objective hoisted by stock analysts at The Goldman Sachs Group from $16.00 to $30.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. The Goldman Sachs Group's target price points to a potential downside of 7.64% from the company's current price.

Several other analysts have also commented on IONQ. Benchmark lifted their price target on shares of IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Craig Hallum lifted their target price on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. DA Davidson began coverage on IonQ in a report on Thursday, December 19th. They set a "buy" rating and a $50.00 price target for the company. Finally, Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the company 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, IonQ has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

IonQ Trading Up 7.4 %

NYSE:IONQ traded up $2.23 during trading hours on Friday, hitting $32.48. The company had a trading volume of 69,215,590 shares, compared to its average volume of 49,839,230. IonQ has a 1 year low of $6.22 and a 1 year high of $54.74. The company has a market cap of $7.03 billion, a P/E ratio of -40.10 and a beta of 2.43. The company has a 50-day moving average of $34.12 and a 200 day moving average of $17.63.

IonQ (NYSE:IONQ - Get Free Report) last announced 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). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million during the quarter, compared to analysts' expectations of $10.56 million. During the same period in the prior year, the company posted ($0.22) EPS. The company's revenue for the quarter was up 102.1% compared to the same quarter last year. On average, analysts forecast that IonQ will post -0.86 earnings per share for the current year.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the firm'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 value of $98,184.48. Following the completion of the transaction, the executive now owns 648,783 shares of the company's stock, valued at $6,954,953.76. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares of the company's stock, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 109,507 shares of company stock valued at $2,279,308. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

Institutional investors have recently modified their holdings of the stock. Carnegie Investment Counsel purchased a new stake in IonQ in the third quarter valued at $5,036,000. Yong Rong HK Asset Management Ltd purchased a new position in shares of IonQ during the third quarter worth approximately $3,749,000. Main Management ETF Advisors LLC acquired a new position in shares of IonQ in the 3rd quarter valued at $1,865,000. Geode Capital Management LLC increased its holdings in shares of IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company's stock valued at $38,640,000 after acquiring an additional 199,360 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in IonQ in the 3rd quarter valued at $1,631,000. Hedge funds and other 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.