Needham & Company LLC Forecasts Strong Price Appreciation for IonQ (NYSE:IONQ) Stock

IonQ (NYSE:IONQ) had its price objective upped by Needham & Company LLC from $13.00 to $18.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential downside of 27.42% from the stock’s current price.

IONQ has been the subject of a number of other research reports. Benchmark reduced their price objective on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Craig Hallum lowered their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group cut their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th.

IonQ Stock Performance

NYSE:IONQ opened at $24.80 on Thursday. The firm has a market cap of $5.31 billion, a P/E ratio of -31.39 and a beta of 1.89. IonQ has a fifty-two week low of $6.22 and a fifty-two week high of $25.68. The firm has a 50-day simple moving average of $10.78 and a two-hundred day simple moving average of $8.89.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. IonQ’s revenue was up 102.1% on a year-over-year basis. During the same period last year, the business earned ($0.22) EPS. On average, equities research analysts predict that IonQ will post -0.84 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the transaction, the executive now owns 638,908 shares of the company’s stock, valued at $7,488,001.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 66,000 shares of company stock worth $972,331 over the last quarter. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC increased its stake in IonQ by 283.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company’s stock worth $1,121,000 after buying an additional 82,891 shares in the last quarter. SG Americas Securities LLC grew its position in shares of IonQ by 1,598.7% during the first quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock worth $20,825,000 after purchasing an additional 1,961,909 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after purchasing an additional 1,400 shares during the period. Swiss National Bank lifted its holdings in IonQ by 14.8% in the 1st quarter. Swiss National Bank now owns 343,600 shares of the company’s stock worth $3,433,000 after purchasing an additional 44,200 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in IonQ in the 1st quarter worth approximately $192,000. 41.42% of the stock is currently owned by 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.