IonQ (NYSE:IONQ) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

IonQ (NYSE:IONQ) had its target price upped by analysts at The Goldman Sachs Group from $16.00 to $30.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price suggests a potential downside of 7.64% from the stock’s previous close.

IONQ has been the topic of several other research reports. Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Benchmark upped their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC raised their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, DA Davidson initiated coverage on shares of IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average target price of $33.00.

IonQ Price Performance

Shares of NYSE IONQ opened at $32.48 on Friday. The company has a market cap of $7.03 billion, a PE ratio of -40.10 and a beta of 2.49. The stock has a fifty day moving average price of $34.12 and a 200 day moving average price of $17.70. IonQ has a 1-year low of $6.22 and a 1-year high of $54.74.

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

Insiders Place Their Bets

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of the firm’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 transaction of $634,349.01. Following the transaction, the executive now directly owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. This trade represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 109,507 shares of company stock worth $2,279,308. 11.60% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

A number of large investors have recently made changes to their positions in the stock. Carnegie Investment Counsel purchased a new stake in IonQ in the 3rd quarter valued at about $5,036,000. Yong Rong HK Asset Management Ltd purchased a new stake in shares of IonQ during the 3rd quarter valued at $3,749,000. Main Management ETF Advisors LLC acquired a new stake in shares of IonQ during the 3rd quarter worth $1,865,000. Geode Capital Management LLC raised its position in shares of IonQ by 4.7% in the 3rd 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 during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in IonQ in the third quarter valued at $1,631,000. Institutional investors and hedge funds 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.