Needham & Company LLC Reiterates “Buy” Rating for IonQ (NYSE:IONQ)

IonQ (NYSE:IONQ)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They presently have a $13.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 59.31% from the stock’s previous close.

IONQ has been the topic of a number of other reports. The Goldman Sachs Group lowered their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Benchmark lowered their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Craig Hallum lowered their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.00.

IonQ Stock Down 6.6 %

NYSE IONQ opened at $8.16 on Wednesday. The company has a market cap of $1.73 billion, a PE ratio of -9.83 and a beta of 2.04. IonQ has a 52 week low of $6.22 and a 52 week high of $16.60. The firm’s 50-day simple moving average is $7.52 and its two-hundred day simple moving average is $8.01.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.04. The business had revenue of $11.38 million for the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The company’s revenue was up 106.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.16) earnings per share. As a group, equities research analysts anticipate that IonQ will post -0.84 EPS for the current year.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently bought and sold shares of the stock. Granite Bay Wealth Management LLC bought a new position in IonQ during the second quarter valued at approximately $221,000. Algert Global LLC bought a new position in IonQ during the second quarter valued at approximately $126,000. The Manufacturers Life Insurance Company grew its position in IonQ by 16.8% during the second quarter. The Manufacturers Life Insurance Company now owns 115,782 shares of the company’s stock valued at $814,000 after acquiring an additional 16,642 shares during the last quarter. Xponance Inc. bought a new position in IonQ during the second quarter valued at approximately $88,000. Finally, Redwood Wealth Management Group LLC bought a new position in IonQ during the second quarter valued at approximately $67,000. 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.