Benchmark Increases IonQ (NYSE:IONQ) Price Target to $22.00

IonQ (NYSE:IONQ) had its target price lifted by research analysts at Benchmark from $12.00 to $22.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target suggests a potential upside of 19.63% from the stock’s current price.

Several other equities analysts also recently weighed in on the stock. The Goldman Sachs Group cut their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Craig Hallum dropped their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Needham & Company LLC raised their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday.

IonQ Trading Up 11.8 %

Shares of IonQ stock opened at $18.39 on Thursday. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of -20.62 and a beta of 1.89. IonQ has a 12-month low of $6.22 and a 12-month high of $18.47. The firm’s 50 day simple moving average is $10.49 and its two-hundred day simple moving average is $8.79.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The firm had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same period in the prior year, the firm posted ($0.22) EPS. The business’s revenue was up 102.1% compared to the same quarter last year. On average, sell-side analysts predict that IonQ will post -0.84 EPS for the current fiscal year.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 22,875 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 66,000 shares of company stock worth $972,331 in the last quarter. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC lifted its stake in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new stake in IonQ in the second quarter valued at approximately $67,000. nVerses Capital LLC purchased a new stake in shares of IonQ during the third quarter worth approximately $72,000. Mosley Wealth Management purchased a new stake in shares of IonQ during the second quarter worth approximately $81,000. Finally, Xponance Inc. purchased a new stake in shares of IonQ during the second quarter worth approximately $88,000. Hedge funds and other 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.