B. Riley Issues Positive Forecast for IonQ (NYSE:IONQ) Stock Price

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 - Free Report) had its price objective raised by B. Riley from $75.00 to $100.00 in a report issued on Monday morning,Benzinga reports. B. Riley currently has a buy rating on the stock. B. Riley also issued estimates for IonQ's FY2028 earnings at ($1.13) EPS.

Several other research analysts also recently issued reports on IONQ. DA Davidson downgraded IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price target for the company. in a research note on Thursday, August 7th. Oppenheimer began coverage on shares of IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating for the company. Needham & Company LLC upped their price target on shares of IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a report on Monday, September 15th. Rosenblatt Securities reissued a "buy" rating and set a $70.00 price objective on shares of IonQ in a research note on Monday, September 15th. Finally, Benchmark lifted their price objective on IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $58.33.

IonQ Trading Up 2.1%

Shares of NYSE:IONQ traded up $1.49 during trading on Monday, hitting $71.90. 35,427,197 shares of the stock were exchanged, compared to its average volume of 23,220,646. The company has a market cap of $21.34 billion, a PE ratio of -35.77 and a beta of 2.54. The company has a fifty day moving average price of $44.92 and a two-hundred day moving average price of $36.96. IonQ has a 12-month low of $7.50 and a 12-month high of $73.17.

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

Insider Buying and Selling at IonQ

In other news, insider Robert T. Cardillo sold 8,773 shares of the firm's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $50.52, for a total transaction of $443,211.96. Following the sale, the insider owned 37,436 shares in the company, valued at $1,891,266.72. This trade represents a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Rima Alameddine sold 45,000 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.18, for a total value of $2,078,100.00. Following the completion of the transaction, the executive owned 552,592 shares of the company's stock, valued at $25,518,698.56. The trade was a 7.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 351,047 shares of company stock valued at $15,645,611. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quantinno Capital Management LP purchased a new position in IonQ during the fourth quarter worth approximately $283,000. Tidal Investments LLC acquired a new stake in IonQ during the fourth quarter worth about $883,000. Voloridge Investment Management LLC purchased a new position in shares of IonQ in the 4th quarter worth about $7,081,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of IonQ by 29.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company's stock valued at $15,146,000 after purchasing an additional 82,499 shares in the last quarter. Finally, Integrated Advisors Network LLC purchased a new stake in shares of IonQ during the 4th quarter worth about $316,000. 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.