IonQ (NYSE:IONQ) Rating Reiterated by Needham & Company LLC

by · The Markets Daily

IonQ (NYSE:IONQ – Get Free Report)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They currently have a $13.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 40.62% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Benchmark reduced their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. The Goldman Sachs Group reduced their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, Craig Hallum reduced their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Check Out Our Latest Stock Report on IonQ

IonQ Trading Up 0.5 %

NYSE IONQ opened at $9.25 on Wednesday. The company has a fifty day simple moving average of $7.57 and a 200 day simple moving average of $8.03. The company has a market cap of $1.95 billion, a P/E ratio of -11.14 and a beta of 2.05. IonQ has a 1 year low of $6.22 and a 1 year high of $16.60.

IonQ (NYSE:IONQ – Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. The business had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. IonQ’s quarterly revenue was up 106.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.16) EPS. Equities research analysts forecast that IonQ will post -0.84 EPS for the current fiscal year.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently added to or reduced their stakes in IONQ. Granite Bay Wealth Management LLC acquired a new stake in IonQ in the 2nd quarter valued at about $221,000. Algert Global LLC acquired a new stake in IonQ in the 2nd quarter valued at about $126,000. The Manufacturers Life Insurance Company grew its position in shares of IonQ by 16.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 115,782 shares of the company’s stock worth $814,000 after buying an additional 16,642 shares during the period. Xponance Inc. acquired a new stake in shares of IonQ during the 2nd quarter worth approximately $88,000. 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 owned by institutional investors.

About IonQ

(Get Free Report)

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.

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