Needham & Company LLC Reiterates “Buy” Rating for IonQ (NYSE:IONQ)

IonQ (NYSE:IONQ)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They currently have a $13.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 59.31% from the company’s current price.

Several other equities analysts have also commented on IONQ. 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. The Goldman Sachs Group lowered their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, Benchmark lowered their price objective on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $12.00.

IonQ Stock Performance

Shares of IonQ stock opened at $8.16 on Wednesday. IonQ has a 52-week low of $6.22 and a 52-week high of $16.60. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -9.83 and a beta of 2.04. The company’s 50 day moving average price is $7.52 and its 200-day moving average price is $8.01.

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

Hedge Funds Weigh In On IonQ

Several large investors have recently modified their holdings of IONQ. Quest Partners LLC increased its holdings in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after buying an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC bought a new position in shares of IonQ during the 2nd quarter valued at approximately $67,000. Mosley Wealth Management purchased a new position in IonQ in the 2nd quarter worth approximately $81,000. Xponance Inc. purchased a new position in IonQ in the 2nd quarter worth approximately $88,000. Finally, DNB Asset Management AS purchased a new position in IonQ in the 2nd quarter worth approximately $117,000. Hedge funds and other 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.