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

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

Several other research firms also recently commented on IONQ. Benchmark boosted their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC boosted their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, DA Davidson started coverage on shares of IonQ in a report on Thursday. They set a “buy” rating and a $50.00 price objective for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.60.

IonQ Price Performance

Shares of IONQ opened at $44.42 on Friday. The business has a fifty day moving average of $25.74 and a 200 day moving average of $13.99. The firm has a market capitalization of $9.61 billion, a P/E ratio of -54.84 and a beta of 2.49. IonQ has a one year low of $6.22 and a one year high of $47.41.

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 ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.22) EPS. Analysts expect that IonQ will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 owns 592,658 shares of the company’s stock, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,223 shares of company stock worth $2,286,983 in the last three months. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its holdings in shares of IonQ by 4.7% in 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 during the period. State Street Corp lifted its position in IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after acquiring an additional 75,596 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake 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 acquiring an additional 135,851 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in IonQ by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after acquiring an additional 131,439 shares in the last quarter. Finally, FMR LLC increased its position in shares of IonQ by 7.2% during the third quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after purchasing an additional 41,125 shares in the last quarter. 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.