IonQ (NYSE:IONQ) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of IonQ (NYSE:IONQ) in a research report released on Thursday morning,Benzinga reports. They currently have a $80.00 target price on the stock.

A number of other brokerages have also weighed in on IONQ. Cantor Fitzgerald increased their target price on IonQ from $45.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Rosenblatt Securities upped their price objective on IonQ from $70.00 to $100.00 and gave the company a “buy” rating in a report on Thursday. Benchmark increased their price objective on IonQ from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. B. Riley boosted their target price on shares of IonQ from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Finally, Morgan Stanley upped their price target on shares of IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday. Seven investment 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $67.00.

IonQ Price Performance

Shares of IONQ opened at $57.53 on Thursday. The company’s 50-day moving average is $61.28 and its 200-day moving average is $46.64. The firm has a market capitalization of $19.99 billion, a PE ratio of -10.75 and a beta of 2.59. IonQ has a fifty-two week low of $16.29 and a fifty-two week high of $84.64.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The company 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 188.98%. The firm’s quarterly revenue was up 221.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.24) EPS. IonQ has set its FY 2025 guidance at EPS. Analysts predict that IonQ will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 19,976 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $886,934.40. Following the completion of the sale, the executive directly owned 532,616 shares in the company, valued at $23,648,150.40. This represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert T. Cardillo sold 8,773 shares of the firm’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $50.52, for a total value of $443,211.96. Following the completion of the sale, the insider directly owned 37,436 shares in the company, valued at approximately $1,891,266.72. This represents a 18.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 113,622 shares of company stock valued at $4,931,896 over the last three months. 5.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IONQ. Archer Investment Corp boosted its stake in shares of IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after purchasing an additional 322 shares in the last quarter. Stone House Investment Management LLC lifted its stake in IonQ by 700.0% in the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after purchasing an additional 350 shares during the last quarter. Hilltop National Bank boosted its position in IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after buying an additional 225 shares in the last quarter. Financial Consulate Inc. bought a new stake in shares of IonQ during the third quarter worth $29,000. Finally, UMB Bank n.a. bought a new stake in shares of IonQ during the third quarter worth $31,000. Institutional investors 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.