Benchmark Increases IonQ (NYSE:IONQ) Price Target to $22.00

IonQ (NYSE:IONQ) had its price objective upped by equities research analysts at Benchmark from $12.00 to $22.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s target price points to a potential upside of 19.63% from the stock’s previous close.

Several other analysts have also recently issued reports on the stock. Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday. Craig Hallum decreased their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group dropped their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th.

IonQ Stock Up 11.8 %

IONQ stock opened at $18.39 on Thursday. The business’s 50-day moving average price is $10.49 and its 200-day moving average price is $8.79. The stock has a market cap of $3.94 billion, a P/E ratio of -20.62 and a beta of 1.89. IonQ has a twelve month low of $6.22 and a twelve month high of $18.47.

IonQ (NYSE:IONQ) last announced its quarterly 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 net margin of 525.13% and a negative return on equity of 34.02%. The company had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the firm posted ($0.22) earnings per share. The business’s revenue was up 102.1% on a year-over-year basis. On average, equities research analysts expect that IonQ will post -0.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 22,875 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the transaction, the executive now directly owns 592,658 shares in the company, valued at approximately $10,519,679.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 66,000 shares of company stock valued at $972,331 in the last ninety days. 11.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC increased its holdings in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after acquiring an additional 6,368 shares during the period. nVerses Capital LLC bought a new position in IonQ in the third quarter worth about $72,000. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ during the second quarter valued at about $67,000. Impact Partnership Wealth LLC bought a new stake in shares of IonQ in the 3rd quarter valued at about $89,000. Finally, Mosley Wealth Management purchased a new position in shares of IonQ in the 2nd quarter worth approximately $81,000. 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.