Craig Hallum Forecasts Strong Price Appreciation for IonQ (NYSE:IONQ) Stock

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

A number of other equities research analysts also recently weighed in on IONQ. DA Davidson began coverage on shares of IonQ in a research note on Thursday. They issued a “buy” rating and a $50.00 target price on the stock. Needham & Company LLC raised their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Benchmark upped their target price 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. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.60.

IonQ Price Performance

Shares of NYSE:IONQ opened at $44.42 on Friday. The company has a market cap of $9.61 billion, a price-to-earnings 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. The firm has a fifty day moving average price of $25.74 and a two-hundred day moving average price of $14.03.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The business had revenue of $12.40 million for 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%. IonQ’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.22) earnings per share. Equities research analysts expect that IonQ will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the sale, the executive now directly owns 648,783 shares of the company’s stock, valued at $6,954,953.76. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. The trade was a 3.07 % 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 worth $2,286,983 over the last ninety days. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in shares of IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after acquiring an additional 199,360 shares during the period. State Street Corp grew its stake in shares of IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after purchasing an additional 75,596 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in IonQ by 9.2% during the 3rd 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 during the period. Bank of New York Mellon Corp raised its position in IonQ by 16.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after purchasing an additional 131,439 shares during the last quarter. Finally, FMR LLC lifted its holdings in IonQ by 7.2% in the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after buying an additional 41,125 shares during the period. 41.42% of the stock is owned by hedge funds and other 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.