IonQ's (IONQ) Buy Rating Reiterated at Needham & Company LLC

IonQ (NYSE:IONQ - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They presently have a $18.00 price target on the stock. Needham & Company LLC's price objective points to a potential upside of 95.65% from the stock's previous close.

Separately, The Goldman Sachs Group lowered their price target on shares of IonQ from $13.00 to $11.50 and set a "neutral" rating on the stock in a report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $16.50.

IonQ Price Performance

Shares of NYSE IONQ traded up $0.42 during midday trading on Thursday, reaching $9.20. The company's stock had a trading volume of 6,284,955 shares, compared to its average volume of 6,541,571. IonQ has a 12-month low of $6.00 and a 12-month high of $21.60. The firm has a 50 day moving average price of $9.04 and a 200-day moving average price of $10.86. The stock has a market capitalization of $1.92 billion, a P/E ratio of -11.79 and a beta of 2.17.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 8th. The company reported ($0.19) earnings per share for the quarter, topping analysts' consensus estimates of ($0.26) by $0.07. The firm had revenue of $7.58 million for the quarter, compared to the consensus estimate of $7.08 million. IonQ had a negative return on equity of 28.27% and a negative net margin of 715.77%. The company's revenue was up 76.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.14) EPS. On average, equities analysts predict that IonQ will post -1.24 EPS for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 19,672 shares of the business's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $200,654.40. Following the sale, the chief financial officer now owns 954,224 shares of the company's stock, valued at approximately $9,733,084.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other IonQ news, CFO Thomas G. Kramer sold 19,672 shares of the business's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $200,654.40. Following the sale, the chief financial officer now owns 954,224 shares of the company's stock, valued at approximately $9,733,084.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Peter Hume Chapman sold 29,452 shares of the company's stock in a transaction on Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $300,410.40. Following the completion of the transaction, the chief executive officer now directly owns 451,233 shares in the company, valued at approximately $4,602,576.60. The disclosure for this sale can be found here. Insiders have sold 86,556 shares of company stock valued at $882,871 in the last 90 days. 13.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its position in IonQ by 32.9% in the third quarter. Nisa Investment Advisors LLC now owns 4,038 shares of the company's stock worth $60,000 after acquiring an additional 1,000 shares in the last quarter. FNY Investment Advisers LLC grew its position in IonQ by 28.0% in the fourth quarter. FNY Investment Advisers LLC now owns 4,532 shares of the company's stock worth $56,000 after acquiring an additional 990 shares in the last quarter. C M Bidwell & Associates Ltd. grew its position in IonQ by 61.2% in the third quarter. C M Bidwell & Associates Ltd. now owns 4,542 shares of the company's stock worth $68,000 after acquiring an additional 1,724 shares in the last quarter. National Bank of Canada FI grew its position in IonQ by 26.1% in the fourth quarter. National Bank of Canada FI now owns 8,000 shares of the company's stock worth $97,000 after acquiring an additional 1,655 shares in the last quarter. Finally, Prospect Financial Services LLC purchased a new position in IonQ in the fourth quarter worth $124,000. 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.