Craig Hallum Issues Positive Forecast for IonQ (NYSE:IONQ) Stock Price

IonQ (NYSE:IONQ) had its price objective boosted by Craig Hallum from $15.00 to $22.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

IONQ has been the subject of a number of other research reports. Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday. Needham & Company LLC upped their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday. Finally, 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.

IonQ Stock Up 12.2 %

Shares of NYSE:IONQ traded up $2.69 during midday trading on Thursday, hitting $24.80. The stock had a trading volume of 64,788,849 shares, compared to its average volume of 7,756,447. The company’s 50-day moving average price is $10.78 and its 200-day moving average price is $8.89. IonQ has a fifty-two week low of $6.22 and a fifty-two week high of $25.68. The company has a market capitalization of $5.31 billion, a P/E ratio of -31.38 and a beta of 1.89.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the prior year, the firm earned ($0.22) EPS. The business’s revenue was up 102.1% on a year-over-year basis. Research analysts expect that IonQ will post -0.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the transaction, the executive now owns 592,658 shares of the company’s stock, valued at $10,519,679.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 66,000 shares of company stock worth $972,331 in the last quarter. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several large investors have recently bought and sold shares of IONQ. Prospera Financial Services Inc increased its stake in IonQ by 196.1% in the 3rd quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock valued at $337,000 after buying an additional 25,502 shares during the last quarter. LMR Partners LLP purchased a new stake in shares of IonQ during the third quarter valued at approximately $874,000. Verity Asset Management Inc. lifted its holdings in IonQ by 12.4% during the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock worth $296,000 after acquiring an additional 3,736 shares during the period. PDS Planning Inc purchased a new position in IonQ in the third quarter worth $101,000. Finally, Ground Swell Capital LLC purchased a new position in IonQ in the third quarter worth $110,000. 41.42% of the stock is currently owned by institutional investors.

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.