IonQ (NYSE:IONQ) Price Target Raised to $30.00

IonQ (NYSE:IONQ) had its price target raised by Morgan Stanley from $29.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an equal weight rating on the stock.

IONQ has been the subject of several other reports. Needham & Company LLC reduced their price target on IonQ from $54.00 to $50.00 and set a “buy” rating for the company in a report on Thursday. Benchmark reduced their target price on shares of IonQ from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. The Goldman Sachs Group boosted their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Finally, DA Davidson reduced their price objective on shares of IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average target price of $38.33.

IonQ Stock Performance

Shares of IONQ opened at $31.21 on Thursday. The company has a market capitalization of $6.95 billion, a PE ratio of -38.53 and a beta of 2.46. The company’s 50 day moving average price is $24.91 and its 200 day moving average price is $30.58. IonQ has a 52 week low of $6.22 and a 52 week high of $54.74.

IonQ (NYSE:IONQ) last posted its quarterly 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. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $7.57 million for the quarter, compared to analysts’ expectations of $7.51 million. During the same period in the previous year, the company posted ($0.19) EPS. IonQ’s revenue was down .2% on a year-over-year basis. On average, equities analysts forecast that IonQ will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Thomas G. Kramer sold 11,712 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the sale, the chief financial officer now owns 944,510 shares in the company, valued at approximately $17,539,550.70. This trade represents a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William F. Scannell bought 93,066 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the purchase, the director now owns 135,047 shares in the company, valued at approximately $2,945,375.07. The trade was a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last 90 days. 11.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IONQ. CenterBook Partners LP bought a new position in IonQ during the first quarter valued at about $1,422,000. Gagnon Securities LLC lifted its position in IonQ by 1,831.8% in the first quarter. Gagnon Securities LLC now owns 111,348 shares of the company’s stock worth $2,457,000 after purchasing an additional 105,584 shares during the period. Deutsche Bank AG boosted its stake in IonQ by 255.8% during the first quarter. Deutsche Bank AG now owns 761,066 shares of the company’s stock worth $16,797,000 after buying an additional 547,155 shares in the last quarter. Vanguard Group Inc. increased its holdings in IonQ by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company’s stock valued at $474,460,000 after buying an additional 123,839 shares during the period. Finally, Atria Wealth Solutions Inc. acquired a new position in shares of IonQ in the 1st quarter valued at $284,000. Institutional investors own 41.42% of the company’s stock.

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.