IonQ (NYSE:IONQ) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of IonQ (NYSE:IONQ) in a research report report published on Wednesday morning, Benzinga reports. They currently have a $13.00 target price on the stock.

IONQ has been the subject of several other research reports. Benchmark decreased their target price 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 IonQ from $21.00 to $15.00 and set a buy rating for the company in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group reduced their target price on shares of IonQ from $11.50 to $8.00 and set a neutral rating on the stock in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, IonQ currently has a consensus rating of Moderate Buy and an average target price of $12.00.

IonQ Stock Up 0.6 %

NYSE:IONQ opened at $9.31 on Wednesday. The firm’s fifty day simple moving average is $7.60 and its 200 day simple moving average is $8.02. The stock has a market cap of $1.97 billion, a P/E ratio of -11.22 and a beta of 2.05. IonQ has a twelve month low of $6.22 and a twelve month high of $16.60.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. During the same quarter in the previous year, the firm posted ($0.16) EPS. The company’s revenue for the quarter was up 106.4% compared to the same quarter last year. On average, analysts expect that IonQ will post -0.84 EPS for the current fiscal year.

Institutional Investors Weigh In On IonQ

Several hedge funds have recently added to or reduced their stakes in IONQ. Quest Partners LLC increased its position in shares of IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new stake in IonQ during the 2nd quarter valued at $67,000. Mosley Wealth Management purchased a new stake in IonQ during the 2nd quarter valued at $81,000. Xponance Inc. bought a new stake in shares of IonQ in the 2nd quarter worth $88,000. Finally, DNB Asset Management AS bought a new position in shares of IonQ during the second quarter valued at $117,000. 41.42% of the stock is owned by 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.