IonQ (NYSE:IONQ) Price Target Raised to $50.00 at Benchmark

IonQ (NYSE:IONQ) had its price target lifted by stock analysts at Benchmark from $40.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price would suggest a potential upside of 25.65% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. DA Davidson dropped their price objective on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Morgan Stanley boosted their price target on shares of IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. Finally, Needham & Company LLC cut their price objective on shares of IonQ from $54.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, IonQ has an average rating of “Moderate Buy” and an average target price of $40.00.

IonQ Trading Up 0.1%

IonQ stock opened at $39.79 on Tuesday. The business’s 50 day simple moving average is $32.54 and its 200 day simple moving average is $33.27. IonQ has a 12 month low of $6.22 and a 12 month high of $54.74. The company has a market cap of $8.87 billion, a price-to-earnings ratio of -49.13 and a beta of 2.59.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.14. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. During the same period in the previous year, the company posted ($0.19) earnings per share. The business’s revenue was down .2% on a year-over-year basis. As a group, equities research analysts forecast that IonQ will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Masi Niccolo De sold 9,280 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $42.23, for a total value of $391,894.40. Following the sale, the chief executive officer now owns 711,987 shares in the company, valued at approximately $30,067,211.01. This trade represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC purchased a new stake in shares of IonQ in the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC increased its position in shares of IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. purchased a new stake in IonQ in the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. bought a new stake in IonQ during the fourth quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC bought a new stake in IonQ during the fourth quarter valued at approximately $34,000. 41.42% of the stock is currently owned by hedge funds and other 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.