Needham & Company LLC reissued their buy rating on shares of IonQ (NYSE:IONQ – Free Report) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $50.00 price target on the stock.
A number of other equities analysts have also commented on IONQ. Benchmark boosted their price objective on IonQ from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday. Morgan Stanley boosted their price objective on IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 8th. Finally, DA Davidson reduced their price objective on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.00.
Check Out Our Latest Report on IonQ
IonQ Stock Performance
IonQ (NYSE:IONQ – Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.19) EPS. On average, analysts forecast that IonQ will post -0.86 EPS for the current year.
Insider Activity
In other news, CEO Masi Niccolo De sold 9,280 shares of the company’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $42.23, for a total transaction of $391,894.40. Following the transaction, the chief executive officer now owns 711,987 shares of the company’s stock, valued at $30,067,211.01. This represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.20% of the stock is currently owned by insiders.
Hedge Funds Weigh In On IonQ
Several large investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its stake in shares of IonQ by 6.6% during the first quarter. Rhumbline Advisers now owns 323,930 shares of the company’s stock valued at $7,149,000 after acquiring an additional 20,127 shares during the period. Strs Ohio acquired a new position in shares of IonQ during the first quarter valued at $1,017,000. Intech Investment Management LLC lifted its stake in shares of IonQ by 26.4% during the first quarter. Intech Investment Management LLC now owns 124,920 shares of the company’s stock valued at $2,757,000 after acquiring an additional 26,085 shares during the period. Focus Partners Wealth lifted its stake in shares of IonQ by 30.3% during the first quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock valued at $1,032,000 after acquiring an additional 10,881 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of IonQ by 24.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock valued at $9,932,000 after acquiring an additional 87,428 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.
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.
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