IonQ (NYSE:IONQ) Price Target Raised to $75.00

by · The Cerbat Gem

IonQ (NYSE:IONQ – Free Report) had its target price lifted by B. Riley from $61.00 to $75.00 in a report published on Monday morning, Marketbeat reports. B. Riley currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the company. DA Davidson downgraded IonQ from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research report on Thursday, August 7th. Cantor Fitzgerald raised their price objective on IonQ from $45.00 to $60.00 and gave the company an “overweight” rating in a report on Monday. Benchmark raised their price objective on IonQ from $50.00 to $55.00 and gave the company a “buy” rating in a report on Monday, July 7th. Needham & Company LLC raised their price objective on IonQ from $60.00 to $80.00 and gave the company a “buy” rating in a report on Monday. Finally, Sanford C. Bernstein started coverage on IonQ in a report on Wednesday, July 30th. They set a “market perform” rating on the stock. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.56.

View Our Latest Stock Analysis on IONQ

IonQ Trading Up 4.8%

Shares of IONQ opened at $65.25 on Monday. The company has a market cap of $19.37 billion, a PE ratio of -32.46 and a beta of 2.54. The stock has a 50-day moving average price of $43.34 and a 200-day moving average price of $35.76. IonQ has a 12-month low of $7.50 and a 12-month high of $66.39.

IonQ (NYSE:IONQ – Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.57). The business had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The business’s revenue was up 81.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.18) EPS. As a group, analysts predict that IonQ will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 19,976 shares of IonQ stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $886,934.40. Following the sale, the executive directly owned 532,616 shares in the company, valued at $23,648,150.40. The trade was a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert T. Cardillo sold 8,773 shares of IonQ stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $50.52, for a total value of $443,211.96. Following the sale, the insider owned 37,436 shares in the company, valued at $1,891,266.72. This represents a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,848,358 shares of company stock valued at $75,433,239 over the last ninety days. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several hedge funds have recently added to or reduced their stakes in IONQ. Archer Investment Corp boosted its holdings in IonQ by 119.3% in the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock worth $25,000 after acquiring an additional 322 shares in the last quarter. ORG Partners LLC boosted its holdings in IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company’s stock worth $26,000 after acquiring an additional 870 shares in the last quarter. Future Financial Wealth Managment LLC boosted its holdings in IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock worth $33,000 after acquiring an additional 500 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company’s stock worth $34,000 after acquiring an additional 1,295 shares in the last quarter. Finally, Close Asset Management Ltd bought a new stake in IonQ in the first quarter worth $35,000. 41.42% of the stock is owned by institutional investors.

About IonQ

(Get Free Report)

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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