Needham & Company LLC Raises IonQ (NYSE:IONQ) Price Target to $80.00

by · The Markets Daily

IonQ (NYSE:IONQ – Free Report) had its target price upped by Needham & Company LLC from $60.00 to $80.00 in a report released on Monday, MarketBeat.com reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently commented on IONQ. Oppenheimer assumed coverage on shares of IonQ in a research report on Wednesday, July 30th. They issued an “outperform” rating for the company. Benchmark upped their target price on shares of IonQ from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. DA Davidson cut shares of IonQ from a “buy” rating to a “neutral” rating and set a $35.00 target price for the company. in a research report on Thursday, August 7th. Wolfe Research assumed coverage on shares of IonQ in a research report on Wednesday, July 30th. They issued a “peer perform” rating for the company. Finally, Cantor Fitzgerald assumed coverage on shares of IonQ in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $45.00 target price for the company. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $55.56.

View Our Latest Stock Analysis on IONQ

IonQ Stock Up 4.8%

IONQ opened at $65.25 on Monday. The firm has a market cap of $19.37 billion, a price-to-earnings ratio of -32.46 and a beta of 2.54. IonQ has a fifty-two week low of $7.50 and a fifty-two week high of $66.39. The company’s 50-day moving average price is $43.34 and its 200 day moving average price is $35.76.

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

Insiders Place Their Bets

In related news, CRO Rima Alameddine sold 19,976 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $886,934.40. Following the completion of the sale, the executive owned 532,616 shares in the company, valued at approximately $23,648,150.40. This represents a 3.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Masi Niccolo De sold 16,120 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $715,728.00. Following the completion of the sale, the chief executive officer owned 1,181,186 shares of the company’s stock, valued at approximately $52,444,658.40. This trade represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,848,358 shares of company stock worth $75,433,239 in the last quarter. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of IonQ by 15.2% in the 2nd quarter. Vanguard Group Inc. now owns 24,767,446 shares of the company’s stock valued at $1,064,257,000 after acquiring an additional 3,269,482 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of IonQ by 15.2% in the 2nd quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company’s stock valued at $229,422,000 after acquiring an additional 705,301 shares in the last quarter. State Street Corp lifted its position in shares of IonQ by 15.1% in the 2nd quarter. State Street Corp now owns 5,255,681 shares of the company’s stock valued at $225,837,000 after acquiring an additional 688,663 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of IonQ by 648.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock valued at $114,917,000 after acquiring an additional 2,317,058 shares in the last quarter. Finally, Norges Bank purchased a new stake in IonQ in the 2nd quarter worth approximately $114,767,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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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