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

IonQ (NYSE:IONQ - Get Free Report) had its price target raised by analysts at Craig Hallum from $15.00 to $22.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Craig Hallum's target price indicates a potential upside of 1.71% from the stock's previous close.

Several other analysts also recently commented on the stock. The Goldman Sachs Group dropped their target price on shares of IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a report on Friday, August 9th. Benchmark increased their price target on IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Needham & Company LLC upped their price target on shares of IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday.

IonQ Trading Up 31.5 %

Shares of IONQ traded up $5.18 during trading hours on Thursday, hitting $21.63. 56,711,558 shares of the stock traded hands, compared to its average volume of 7,420,296. The business has a fifty day moving average of $10.49 and a 200-day moving average of $8.79. IonQ has a 1-year low of $6.22 and a 1-year high of $22.62. The firm has a market capitalization of $4.63 billion, a PE ratio of -27.56 and a beta of 1.89.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter last year, the business posted ($0.22) EPS. IonQ's quarterly revenue was up 102.1% on a year-over-year basis. As a group, equities research analysts expect that IonQ will post -0.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total value 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC raised its stake in IonQ by 283.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company's stock worth $1,121,000 after buying an additional 82,891 shares during the period. SG Americas Securities LLC grew its holdings in shares of IonQ by 1,598.7% during the first quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company's stock valued at $20,825,000 after buying an additional 1,961,909 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in shares of 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. Swiss National Bank lifted its position in IonQ by 14.8% in the 1st quarter. Swiss National Bank now owns 343,600 shares of the company's stock valued at $3,433,000 after acquiring an additional 44,200 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in IonQ during the 1st quarter valued at about $192,000. Institutional investors and hedge funds own 41.42% of the company's stock.

About IonQ

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.

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