IonQ (NYSE:IONQ) Price Target Raised to $55.00

IonQ (NYSE:IONQ - Free Report) had its price target increased by Benchmark from $50.00 to $55.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently issued reports on IONQ. DA Davidson reduced their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Morgan Stanley boosted their price target on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Cantor Fitzgerald initiated coverage on shares of IonQ in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price target on the stock. Finally, Needham & Company LLC reissued a "buy" rating and issued a $50.00 price target on shares of IonQ in a research note on Wednesday, June 11th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $41.43.

IonQ Trading Up 0.9%

IONQ stock traded up $0.43 during trading on Monday, reaching $45.99. 19,480,471 shares of the stock were exchanged, compared to its average volume of 19,877,900. The business has a 50 day moving average price of $39.13 and a 200-day moving average price of $34.16. IonQ has a 1 year low of $6.22 and a 1 year high of $54.74. The firm has a market capitalization of $12.03 billion, a price-to-earnings ratio of -30.87 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. IonQ's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.19) earnings per share. On average, research analysts anticipate that IonQ will post -0.86 EPS for the current year.

Insider Activity

In related news, CFO Thomas G. Kramer sold 43,382 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $47.73, for a total transaction of $2,070,622.86. Following the sale, the chief financial officer directly owned 603,134 shares of the company's stock, valued at $28,787,585.82. This represents a 6.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wendy Thomas sold 16,696 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $39.43, for a total transaction of $658,323.28. Following the transaction, the director owned 61,145 shares of the company's stock, valued at $2,410,947.35. This trade represents a 21.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,137,583 shares of company stock worth $357,962,352 over the last 90 days. Company insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. ORG Partners LLC boosted its holdings in shares of IonQ by 348.0% in the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after buying an additional 870 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after buying an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ in the 4th quarter valued at $27,000. TD Waterhouse Canada Inc. acquired a new position in shares of IonQ in the 4th quarter valued at $33,000. Finally, Future Financial Wealth Managment LLC boosted its holdings in shares of IonQ by 50.0% in the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

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.