IonQ (NYSE:IONQ) Given New $80.00 Price Target at Needham & Company LLC

IonQ (NYSE:IONQ) had its target price boosted by Needham & Company LLC from $60.00 to $80.00 in a research note issued to investors on Monday, Marketbeat.com reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on IONQ. B. Riley initiated coverage on IonQ in a research note on Wednesday, August 27th. They set a “buy” rating and a $61.00 price target for the company. Benchmark increased their price target on IonQ from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Oppenheimer began coverage on IonQ in a research note on Wednesday, July 30th. They set an “outperform” rating for the company. DA Davidson lowered IonQ from a “buy” rating to a “neutral” rating and set a $35.00 price objective for the company. in a research note on Thursday, August 7th. Finally, Cantor Fitzgerald began coverage on IonQ in a research note on Wednesday, July 2nd. They set an “overweight” rating and a $45.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, IonQ has an average rating of “Moderate Buy” and a consensus price target of $53.33.

IonQ Price Performance

IONQ opened at $59.11 on Monday. IonQ has a 12 month low of $7.40 and a 12 month high of $59.89. The stock has a market cap of $17.55 billion, a P/E ratio of -29.41 and a beta of 2.54. The stock’s 50 day moving average price is $42.60 and its 200 day moving average price is $35.37.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.57). The firm had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The business’s revenue for the quarter was up 81.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.18) earnings per share. Equities analysts anticipate that IonQ will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, insider Paul T. Dacier sold 4,175 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $185,370.00. Following the completion of the sale, the insider directly owned 114,454 shares in the company, valued at approximately $5,081,757.60. This trade represents a 3.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas G. Kramer sold 64,578 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $41.82, for a total value of $2,700,651.96. Following the sale, the chief financial officer owned 473,302 shares of the company’s stock, valued at approximately $19,793,489.64. This represents a 12.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,839,585 shares of company stock valued at $74,990,027 in the last quarter. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently bought and sold shares of the stock. Neuberger Berman Group LLC raised its holdings in IonQ by 40.0% during the second quarter. Neuberger Berman Group LLC now owns 270,330 shares of the company’s stock valued at $11,616,000 after buying an additional 77,203 shares in the last quarter. Newbridge Financial Services Group Inc. raised its holdings in IonQ by 34.3% during the second quarter. Newbridge Financial Services Group Inc. now owns 3,345 shares of the company’s stock valued at $144,000 after buying an additional 855 shares in the last quarter. Marex Group plc bought a new position in IonQ during the second quarter valued at about $24,135,000. Advisory Services Network LLC raised its holdings in IonQ by 2.3% during the second quarter. Advisory Services Network LLC now owns 44,534 shares of the company’s stock valued at $1,776,000 after buying an additional 1,001 shares in the last quarter. Finally, N.E.W. Advisory Services LLC bought a new position in IonQ during the second quarter valued at about $82,000. 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.