IonQ (NYSE:IONQ) Price Target Raised to $30.00

IonQ (NYSE:IONQ) had its price objective boosted by The Goldman Sachs Group from $16.00 to $30.00 in a report released on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities research analysts have also recently commented on the stock. Craig Hallum boosted their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. DA Davidson initiated coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price objective for the company. Needham & Company LLC lifted their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, IonQ currently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

IonQ Trading Up 7.4 %

NYSE:IONQ opened at $32.48 on Friday. IonQ has a 1 year low of $6.22 and a 1 year high of $54.74. The stock has a 50-day moving average price of $34.12 and a two-hundred day moving average price of $17.78. The stock has a market cap of $7.03 billion, a price-to-earnings ratio of -40.10 and a beta of 2.49.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same period in the previous year, the company posted ($0.22) earnings per share. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. Sell-side analysts forecast that IonQ will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In related news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares in the company, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was 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 in the company, valued at approximately $12,319,011.99. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,348 shares of company stock valued at $2,181,123. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Everence Capital Management Inc. bought a new stake in shares of IonQ during the fourth quarter worth approximately $216,000. GAMMA Investing LLC boosted its stake in IonQ by 73.2% in the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after purchasing an additional 480 shares during the period. Versant Capital Management Inc grew its holdings in IonQ by 1,348.5% in the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after buying an additional 890 shares in the last quarter. Arete Wealth Advisors LLC bought a new position in IonQ during the 3rd quarter worth $91,000. Finally, Geode Capital Management LLC lifted its holdings in shares of IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after buying an additional 199,360 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors.

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.