IonQ (NYSE:IONQ) Price Target Raised to $45.00

IonQ (NYSE:IONQ) had its price objective hoisted by Craig Hallum from $22.00 to $45.00 in a research report released on Friday,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

A number of other research firms have also recently issued reports on IONQ. Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. DA Davidson initiated coverage on IonQ in a research note on Thursday. They issued a “buy” rating and a $50.00 price target for the company. Finally, Benchmark raised their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.60.

IonQ Stock Performance

NYSE:IONQ opened at $44.42 on Friday. IonQ has a 52-week low of $6.22 and a 52-week high of $47.41. The company has a market cap of $9.61 billion, a P/E ratio of -54.84 and a beta of 2.49. The stock’s 50-day simple moving average is $25.74 and its 200 day simple moving average is $14.03.

IonQ (NYSE:IONQ) last announced its quarterly earnings data 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 company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the company earned ($0.22) EPS. The company’s revenue for the quarter was up 102.1% on a year-over-year basis. As a group, equities analysts predict that IonQ will post -0.86 earnings per share for the current fiscal year.

Insider Activity at IonQ

In other news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,223 shares of company stock valued at $2,286,983. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Several institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in shares of IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after purchasing an additional 135,851 shares during the period. Carnegie Investment Counsel bought a new stake in IonQ during the 3rd quarter valued at $5,036,000. Yong Rong HK Asset Management Ltd purchased a new stake in shares of IonQ during the third quarter worth $3,749,000. Rockefeller Capital Management L.P. grew its position in shares of IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after purchasing an additional 111,435 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of IonQ in the third quarter valued at $1,631,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.