The Goldman Sachs Group Issues Positive Forecast for IonQ (NYSE:IONQ) Stock Price

IonQ (NYSE:IONQ) had its price target boosted by The Goldman Sachs Group from $16.00 to $30.00 in a report issued on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Other analysts have also issued research reports about the stock. Craig Hallum raised their target price on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. DA Davidson started coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price objective on the stock. Benchmark increased their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, IonQ currently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Stock Performance

Shares of NYSE IONQ opened at $32.48 on Friday. The stock’s fifty day moving average is $34.12 and its 200 day moving average is $17.78. The stock has a market capitalization of $7.03 billion, a P/E ratio of -40.10 and a beta of 2.49. IonQ has a 52 week low of $6.22 and a 52 week high of $54.74.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s revenue was up 102.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.22) EPS. Equities research analysts forecast that IonQ will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the transaction, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This trade represents a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,348 shares of company stock valued at $2,181,123 in the last three months. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Large investors have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its position in shares of IonQ by 40.6% during the 2nd quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock valued at $188,000 after purchasing an additional 7,744 shares in the last quarter. Rhumbline Advisers lifted its stake in IonQ by 13.5% in the second quarter. Rhumbline Advisers now owns 295,918 shares of the company’s stock valued at $2,080,000 after buying an additional 35,158 shares during the period. Arizona State Retirement System boosted its holdings in shares of IonQ by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after buying an additional 1,731 shares in the last quarter. Quest Partners LLC grew its position in shares of IonQ by 4,824.2% during 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 during the period. Finally, Redwood Wealth Management Group LLC acquired a new stake in shares of IonQ during the 2nd quarter worth approximately $67,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.