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

IonQ (NYSE:IONQ) had its target price hoisted by Craig Hallum from $22.00 to $45.00 in a research note issued to investors on Friday,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

Several other equities research analysts have also commented on the stock. Benchmark boosted their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. DA Davidson assumed coverage on shares of IonQ in a research report on Thursday. They issued a “buy” rating and a $50.00 target price on the stock. Finally, Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, IonQ has an average rating of “Moderate Buy” and an average price target of $28.60.

IonQ Trading Up 17.6 %

Shares of IonQ stock opened at $44.42 on Friday. IonQ has a twelve month low of $6.22 and a twelve month high of $47.41. The firm’s 50-day moving average price is $25.74 and its 200 day moving average price is $13.99. The firm has a market capitalization of $9.61 billion, a PE ratio of -54.84 and a beta of 2.49.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same quarter last year, the company earned ($0.22) EPS. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. On average, sell-side analysts predict that IonQ will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In other news, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares in the company, valued at $7,488,001.76. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,223 shares of company stock valued at $2,286,983 in the last quarter. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several hedge funds have recently modified their holdings of IONQ. Geode Capital Management LLC lifted its holdings in IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after buying an additional 199,360 shares in the last quarter. State Street Corp boosted its position in shares of IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after buying an additional 75,596 shares during the period. Charles Schwab Investment Management Inc. grew its position in IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after purchasing an additional 135,851 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in IonQ by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock worth $6,443,000 after acquiring an additional 131,439 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of IonQ by 7.2% in the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares during the period. Institutional investors and hedge funds 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.