IonQ (NYSE:IONQ) Given New $60.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has raised IonQ's price target from $45.00 to $60.00, indicating a potential upside of 7.67% and maintaining an "overweight" rating on the stock.
• Multiple analysts, including Needham & Company and Rosenblatt Securities, have issued positive ratings and price targets for IonQ, suggesting a consensus price target of $51.78.
• IonQ reported a revenue increase of 81.6% year-over-year, but missed earnings expectations with a loss of ($0.70) per share for the recent quarter.

IonQ (NYSE:IONQ - Get Free Report) had its price objective increased by research analysts at Cantor Fitzgerald from $45.00 to $60.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective points to a potential upside of 7.67% from the company's current price.

Several other analysts have also weighed in on the stock. Oppenheimer assumed coverage on shares of IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating on the stock. B. Riley began coverage on shares of IonQ in a report on Wednesday, August 27th. They set a "buy" rating and a $61.00 price target for the company. Wolfe Research began coverage on shares of IonQ in a report on Wednesday, July 30th. They set a "peer perform" rating for the company. Rosenblatt Securities reissued a "buy" rating and set a $70.00 price target on shares of IonQ in a report on Monday. Finally, Needham & Company LLC lifted 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. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, IonQ has an average rating of "Moderate Buy" and a consensus price target of $51.78.

IonQ Price Performance

NYSE IONQ opened at $55.72 on Monday. The firm has a market capitalization of $16.54 billion, a price-to-earnings ratio of -27.72 and a beta of 2.54. The company's fifty day moving average is $42.33 and its two-hundred day moving average is $35.13. IonQ has a 52-week low of $7.40 and a 52-week high of $56.07.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. During the same quarter in the prior year, the business earned ($0.18) earnings per share. The business's revenue for the quarter was up 81.6% on a year-over-year basis. As a group, sell-side analysts expect that IonQ will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other news, CRO Rima Alameddine sold 19,976 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $886,934.40. Following the transaction, the executive directly owned 532,616 shares of the company's stock, valued at $23,648,150.40. This represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 64,578 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $41.82, for a total transaction of $2,700,651.96. Following the completion of the sale, the chief financial officer owned 473,302 shares in the company, valued at approximately $19,793,489.64. The trade was a 12.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,750,325 shares of company stock valued at $109,397,784. 5.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently made changes to their positions in IONQ. Vanguard Group Inc. boosted its stake in shares of IonQ by 15.2% in the 2nd quarter. Vanguard Group Inc. now owns 24,767,446 shares of the company's stock valued at $1,064,257,000 after purchasing an additional 3,269,482 shares in the last quarter. Norges Bank acquired a new stake in shares of IonQ in the 2nd quarter valued at approximately $114,767,000. JPMorgan Chase & Co. boosted its stake in shares of IonQ by 648.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company's stock valued at $114,917,000 after purchasing an additional 2,317,058 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of IonQ by 262.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 576,391 shares of the company's stock valued at $24,768,000 after purchasing an additional 930,490 shares in the last quarter. Finally, Amazon Com Inc. acquired a new stake in shares of IonQ in the 2nd quarter valued at approximately $36,705,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.

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