Benchmark Raises IonQ (NYSE:IONQ) Price Target to $50.00

IonQ (NYSE:IONQ - Free Report) had its price target raised by Benchmark from $40.00 to $50.00 in a report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also issued research reports about the stock. Needham & Company LLC lowered their target price on shares of IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. DA Davidson lowered their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Morgan Stanley boosted their target price on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, IonQ has a consensus rating of "Moderate Buy" and a consensus target price of $40.00.

IonQ Stock Performance

IonQ stock traded down $0.29 during midday trading on Tuesday, hitting $39.77. 31,877,140 shares of the company were exchanged, compared to its average volume of 18,268,991. The firm has a market capitalization of $8.86 billion, a PE ratio of -49.10 and a beta of 2.59. IonQ has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The business has a fifty day simple moving average of $31.82 and a two-hundred day simple moving average of $33.18.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.14. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. During the same quarter last year, the business earned ($0.19) earnings per share. The company's revenue for the quarter was down .2% compared to the same quarter last year. As a group, equities analysts expect that IonQ will post -0.86 earnings per share for the current year.

Insider Activity

In related news, Director William F. Scannell bought 93,066 shares of the stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the acquisition, the director now owns 135,047 shares in the company, valued at $2,945,375.07. This represents a 221.69% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Pathway Financial Advisers LLC purchased a new position in IonQ in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC increased its position in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after purchasing an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. bought a new stake in IonQ in the fourth quarter valued at about $27,000. TD Waterhouse Canada Inc. acquired a new stake in shares of IonQ during the 4th quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of IonQ during the fourth quarter worth $34,000. Hedge funds and other 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.