IonQ (NYSE:IONQ) Price Target Raised to $60.00 at Cantor Fitzgerald

IonQ (NYSE:IONQ) had its price objective boosted by Cantor Fitzgerald from $45.00 to $60.00 in a research note issued to investors on Monday morning, MarketBeat Ratings reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Other analysts have also issued research reports about the stock. DA Davidson lowered shares of IonQ from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research note on Thursday, August 7th. B. Riley started coverage on shares of IonQ in a report on Wednesday, August 27th. They set a “buy” rating and a $61.00 price target for the company. Needham & Company LLC increased their price objective on IonQ from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Monday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 price objective on shares of IonQ in a report on Monday. Finally, Benchmark upped their price objective on shares of IonQ from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, July 7th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average target price of $53.33.

IonQ Stock Up 6.3%

Shares of IONQ stock opened at $59.11 on Monday. The stock has a market cap of $17.55 billion, a price-to-earnings ratio of -29.41 and a beta of 2.54. IonQ has a fifty-two week low of $7.40 and a fifty-two week high of $59.89. The firm’s 50 day moving average price is $42.60 and its two-hundred day moving average price is $35.37.

IonQ (NYSE:IONQ) last posted its quarterly earnings data 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 analysts’ expectations of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The company’s revenue for the quarter was up 81.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.18) EPS. On average, equities analysts forecast that IonQ will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Masi Niccolo De sold 16,120 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $52,444,658.40. This trade represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul T. Dacier sold 4,175 shares of IonQ 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 sale, the insider owned 114,454 shares in the company, valued at $5,081,757.60. This represents a 3.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,839,585 shares of company stock valued at $74,990,027 in the last 90 days. 5.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of IonQ by 15.2% during the second quarter. Vanguard Group Inc. now owns 24,767,446 shares of the company’s stock valued at $1,064,257,000 after acquiring an additional 3,269,482 shares during the period. Geode Capital Management LLC raised its holdings in IonQ by 15.2% during the 2nd quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company’s stock worth $229,422,000 after purchasing an additional 705,301 shares during the last quarter. State Street Corp raised its holdings in IonQ by 15.1% during the 2nd quarter. State Street Corp now owns 5,255,681 shares of the company’s stock worth $225,837,000 after purchasing an additional 688,663 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of IonQ by 648.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock worth $114,917,000 after buying an additional 2,317,058 shares during the period. Finally, Norges Bank acquired a new position in shares of IonQ during the 2nd quarter worth about $114,767,000. 41.42% of the stock is owned by institutional investors.

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.