IonQ (NYSE:IONQ) Price Target Raised to $55.00

IonQ (NYSE:IONQ) had its target price lifted by DA Davidson from $35.00 to $55.00 in a report issued on Thursday morning, MarketBeat Ratings reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts have also weighed in on the stock. B. Riley lifted their price objective on shares of IonQ from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Oppenheimer assumed coverage on IonQ in a research report on Wednesday, July 30th. They issued an “outperform” rating for the company. Zacks Research upgraded IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Rosenblatt Securities increased their price objective on IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Benchmark lifted their target price on IonQ from $55.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, IonQ currently has an average rating of “Hold” and a consensus price target of $68.11.

IonQ Stock Performance

Shares of IonQ stock opened at $59.07 on Thursday. The stock has a market capitalization of $20.52 billion, a P/E ratio of -11.04 and a beta of 2.59. IonQ has a 52-week low of $17.88 and a 52-week high of $84.64. The stock’s 50-day simple moving average is $61.61 and its 200 day simple moving average is $47.03.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The business had revenue of $39.87 million for the quarter, compared to the consensus estimate of $26.99 million. During the same quarter in the prior year, the business earned ($0.24) EPS. IonQ’s revenue for the quarter was up 221.5% compared to the same quarter last year. IonQ has set its FY 2025 guidance at EPS. Equities research analysts forecast that IonQ will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 19,976 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $886,934.40. Following the sale, the executive owned 532,616 shares of the company’s stock, valued at $23,648,150.40. This trade represents a 3.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Masi Niccolo De sold 16,120 shares of IonQ stock in a transaction dated Thursday, September 11th. The shares were 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. This trade represents a 1.35% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 113,622 shares of company stock worth $4,931,896. 5.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

A number of hedge funds and other institutional investors have recently bought and sold shares of IONQ. Vanguard Group Inc. raised its position in shares of IonQ by 18.5% during the 3rd quarter. Vanguard Group Inc. now owns 29,354,706 shares of the company’s stock valued at $1,805,314,000 after buying an additional 4,587,260 shares in the last quarter. Geode Capital Management LLC increased its stake in IonQ by 15.2% in the second quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company’s stock valued at $229,422,000 after acquiring an additional 705,301 shares during the last quarter. State Street Corp raised its position in IonQ by 15.1% during the second 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. lifted its stake in IonQ by 12.5% during the third quarter. JPMorgan Chase & Co. now owns 3,008,001 shares of the company’s stock worth $184,992,000 after purchasing an additional 333,653 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of IonQ in the 2nd quarter worth about $114,767,000. 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.