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

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 morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

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

IonQ Price Performance

Shares of IONQ stock traded down $0.11 during midday trading on Monday, hitting $45.09. The company had a trading volume of 25,588,040 shares, compared to its average volume of 23,535,770. The company's 50 day simple moving average is $38.06 and its 200 day simple moving average is $33.97. IonQ has a 52-week low of $6.22 and a 52-week high of $54.74. The stock has a market cap of $11.80 billion, a price-to-earnings ratio of -30.26 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.14. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. During the same period last year, the business posted ($0.19) EPS. The company's revenue was down .2% on a year-over-year basis. Analysts anticipate that IonQ will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 65,000 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $38.57, for a total value of $2,507,050.00. Following the completion of the transaction, the executive owned 552,592 shares of the company's stock, valued at approximately $21,313,473.44. This represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kathryn K. Chou sold 25,696 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $40.46, for a total value of $1,039,660.16. Following the transaction, the director directly owned 62,115 shares in the company, valued at approximately $2,513,172.90. This represents a 29.26% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 9,094,201 shares of company stock valued at $355,891,729. Corporate insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of IonQ by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company's stock worth $474,460,000 after purchasing an additional 123,839 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of IonQ by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock valued at $186,593,000 after purchasing an additional 45,942 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the period. Northern Trust Corp increased its holdings in shares of IonQ by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock valued at $80,809,000 after purchasing an additional 216,752 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of IonQ by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock valued at $68,740,000 after purchasing an additional 31,638 shares during the period. 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.