IonQ (NYSE:IONQ) Stock Price Expected to Rise, B. Riley Analyst Says

Key Points

• B. Riley analysts raised their price target for IonQ from $61.00 to $75.00, indicating a potential upside of 34.59% from its current price.
• Despite being rated as a "buy" by several firms, DA Davidson downgraded IonQ to "neutral" with a price target of $35.00.
• IonQ reported a revenue increase of 81.6% year-over-year but missed earnings expectations, reporting an EPS of ($0.70).

IonQ (NYSE:IONQ - Get Free Report) had its price objective hoisted by investment analysts at B. Riley from $61.00 to $75.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley's price objective points to a potential upside of 34.59% from the stock's current price.

Several other brokerages have also commented on IONQ. DA Davidson lowered IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price target on the stock. in a research note on Thursday, August 7th. Needham & Company LLC boosted their price target on IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday. Wolfe Research initiated coverage on IonQ in a research note on Wednesday, July 30th. They set a "peer perform" rating on the stock. Rosenblatt Securities restated a "buy" rating and set a $70.00 price objective on shares of IonQ in a research report on Monday. Finally, Cantor Fitzgerald lifted their price objective on IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research 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, the stock currently has an average rating of "Moderate Buy" and an average target price of $53.33.

IonQ Price Performance

Shares of NYSE:IONQ opened at $55.72 on Monday. The business's 50 day simple moving average is $42.33 and its 200-day simple moving average is $35.13. The firm has a market capitalization of $16.54 billion, a price-to-earnings ratio of -27.72 and a beta of 2.54. IonQ has a 12 month low of $7.40 and a 12 month high of $56.07.

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

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 19,976 shares of the company'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 $886,934.40. Following the completion of the sale, the executive directly owned 532,616 shares in the company, valued at $23,648,150.40. This represents a 3.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Masi Niccolo De sold 16,120 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $715,728.00. Following the sale, the chief executive officer owned 1,181,186 shares of the company's stock, valued at approximately $52,444,658.40. The trade was a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,750,325 shares of company stock worth $109,397,784. 5.20% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in 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. Geode Capital Management LLC increased its holdings in IonQ by 15.2% in the 2nd quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company's stock valued at $229,422,000 after purchasing an additional 705,301 shares in the last quarter. State Street Corp increased its holdings in IonQ by 15.1% in the 2nd quarter. State Street Corp now owns 5,255,681 shares of the company's stock valued at $225,837,000 after purchasing an additional 688,663 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in 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. Finally, Norges Bank acquired a new stake in IonQ in the 2nd quarter valued at $114,767,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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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