IonQ (NYSE:IONQ) Price Target Raised to $55.00 at DA Davidson

IonQ (NYSE:IONQ) had its price objective raised by DA Davidson from $35.00 to $55.00 in a report published on Thursday, Marketbeat reports. DA Davidson currently has a neutral rating on the stock.

A number of other brokerages have also commented on IONQ. Wolfe Research initiated coverage on IonQ in a research report on Wednesday, July 30th. They issued a “peer perform” rating for the company. Benchmark raised their target price on shares of IonQ from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, September 16th. Morgan Stanley lifted their price target on shares of IonQ from $32.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Cantor Fitzgerald boosted their price target on shares of IonQ from $45.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Finally, Zacks Research raised shares of IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $68.11.

IonQ Stock Up 2.9%

NYSE:IONQ traded up $1.64 during trading hours on Thursday, hitting $59.07. 32,627,778 shares of the stock were exchanged, compared to its average volume of 31,936,684. The company’s 50 day moving average is $61.28 and its two-hundred day moving average is $46.64. IonQ has a twelve month low of $17.88 and a twelve month high of $84.64.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The firm had revenue of $39.87 million during the quarter, compared to analyst estimates of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The firm’s quarterly revenue was up 221.5% on a year-over-year basis. During the same period last year, the business posted ($0.24) earnings per share. IonQ has set its FY 2025 guidance at EPS. On average, analysts anticipate that IonQ will post -0.86 EPS for the current year.

Insider Buying and Selling

In other IonQ news, CEO Masi Niccolo De sold 16,120 shares of IonQ stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $715,728.00. Following the transaction, the chief executive officer directly owned 1,181,186 shares in the company, valued at approximately $52,444,658.40. The trade was a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Rima Alameddine sold 19,976 shares of the business’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $886,934.40. Following the completion of the transaction, the executive directly owned 532,616 shares of the company’s stock, valued at approximately $23,648,150.40. The trade was a 3.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 113,622 shares of company stock valued at $4,931,896. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in IonQ by 18.5% during the 3rd quarter. Vanguard Group Inc. now owns 29,354,706 shares of the company’s stock worth $1,805,314,000 after purchasing an additional 4,587,260 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of IonQ by 15.2% in the second quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company’s stock valued at $229,422,000 after buying an additional 705,301 shares during the period. State Street Corp boosted its holdings in shares of IonQ by 15.1% in the second quarter. State Street Corp now owns 5,255,681 shares of the company’s stock valued at $225,837,000 after buying an additional 688,663 shares during the period. JPMorgan Chase & Co. increased its position in shares of IonQ by 12.5% during the third quarter. JPMorgan Chase & Co. now owns 3,008,001 shares of the company’s stock worth $184,992,000 after acquiring an additional 333,653 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of IonQ during the second quarter worth $114,767,000. 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.