IonQ (NYSE:IONQ) Given New $100.00 Price Target at B. Riley

Key Points

• B. Riley has raised IonQ's price target from $75 to $100, suggesting a potential upside of 40.3% from its previous close, and maintains a "buy" rating on the stock.
• IonQ's recent earnings report revealed a quarterly revenue increase of 81.6% year-over-year, though the company reported a loss of $0.70 per share, missing analysts' estimates.
• Institutional investors significantly increased their positions in IonQ, with notable increases from Archer Investment Corp and Huntington National Bank, indicating growing investor confidence in the company.

IonQ (NYSE:IONQ - Get Free Report) had its price target increased by equities research analysts at B. Riley from $75.00 to $100.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley's price target would suggest a potential upside of 40.30% from the company's previous close. B. Riley also issued estimates for IonQ's FY2028 earnings at ($1.13) EPS.

IONQ has been the topic of a number of other research reports. Sanford C. Bernstein assumed coverage on IonQ in a research note on Wednesday, July 30th. They set a "market perform" rating on the stock. Needham & Company LLC increased their price objective on shares of IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Wolfe Research initiated coverage on shares of IonQ in a research report on Wednesday, July 30th. They issued a "peer perform" rating for the company. Cantor Fitzgerald increased their price target on shares of IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Finally, Oppenheimer began coverage on shares of IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating for the company. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, IonQ presently has a consensus rating of "Moderate Buy" and an average price target of $58.33.

IonQ Price Performance

NYSE:IONQ traded up $0.87 during trading hours on Monday, reaching $71.28. 15,078,536 shares of the stock were exchanged, compared to its average volume of 22,811,291. IonQ has a twelve month low of $7.50 and a twelve month high of $71.30. The stock has a market cap of $21.16 billion, a PE ratio of -35.46 and a beta of 2.54. The firm has a 50 day moving average of $44.33 and a 200 day moving average of $36.60.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The firm had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. During the same quarter in the previous year, the firm posted ($0.18) earnings per share. IonQ's quarterly revenue was up 81.6% on a year-over-year basis. Equities research analysts anticipate that IonQ will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, insider Paul T. Dacier sold 4,175 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $185,370.00. Following the completion of the transaction, the insider owned 114,454 shares of the company's stock, valued at approximately $5,081,757.60. This trade represents a 3.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Masi Niccolo De sold 16,120 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $715,728.00. Following the completion of the transaction, the chief executive officer directly owned 1,181,186 shares in the company, valued at $52,444,658.40. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 351,047 shares of company stock valued at $15,645,611 over the last quarter. 5.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Archer Investment Corp raised its holdings in shares of IonQ by 119.3% during the second quarter. Archer Investment Corp now owns 592 shares of the company's stock worth $25,000 after acquiring an additional 322 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of IonQ by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after buying an additional 279 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in IonQ during the second quarter valued at $39,000. Huntington National Bank grew its stake in shares of IonQ by 2,034.0% during the second quarter. Huntington National Bank now owns 1,003 shares of the company's stock worth $43,000 after acquiring an additional 956 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its stake in IonQ by 28.4% during the second quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company's stock worth $40,000 after purchasing an additional 223 shares during the period. Hedge funds and other institutional investors 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.

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