IonQ (NYSE:IONQ) Price Target Raised to $70.00 at Northland Securities

IonQ (NYSE:IONQ) had its target price hoisted by stock analysts at Northland Securities from $55.00 to $70.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Northland Securities’ target price would suggest a potential upside of 22.17% from the stock’s current price.

IONQ has been the subject of a number of other reports. JPMorgan Chase & Co. lifted their price objective on IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Benchmark reduced their target price on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Wedbush restated an “outperform” rating and set a $60.00 target price on shares of IonQ in a research report on Monday, May 4th. DA Davidson lowered their price target on IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, February 26th. Finally, Wall Street Zen upgraded shares of IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, IonQ presently has an average rating of “Moderate Buy” and an average target price of $69.88.

IonQ Stock Up 1.3%

IONQ stock traded up $0.75 during midday trading on Monday, reaching $57.30. The company’s stock had a trading volume of 7,958,638 shares, compared to its average volume of 26,388,506. IonQ has a 52 week low of $25.89 and a 52 week high of $84.64. The stock has a market cap of $21.39 billion, a PE ratio of -203.41 and a beta of 3.18. The business’s 50-day simple moving average is $53.01 and its 200-day simple moving average is $44.96.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The business had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.IonQ’s revenue was up 754.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.14) EPS. As a group, equities analysts forecast that IonQ will post -2.26 earnings per share for the current fiscal year.

Insider Activity at IonQ

In related news, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the sale, the insider owned 139,967 shares of the company’s stock, valued at approximately $6,984,353.30. This trade represents a 2.62% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Hedge funds have recently modified their holdings of the business. Ameriflex Group Inc. lifted its holdings in shares of IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after purchasing an additional 340 shares in the last quarter. Accent Capital Management LLC increased its stake in IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after purchasing an additional 371 shares in the last quarter. Fortitude Family Office LLC raised its holdings in IonQ by 3,800.0% during the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after buying an additional 608 shares during the period. EverSource Wealth Advisors LLC lifted its stake in IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after buying an additional 656 shares in the last quarter. Finally, PeakShares LLC bought a new position in IonQ in the first quarter valued at approximately $29,000. Institutional investors and hedge funds 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.