IonQ’s (IONQ) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of IonQ (NYSE:IONQ) in a report published on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a $13.00 price objective on the stock.

IONQ has been the subject of a number of other reports. The Goldman Sachs Group dropped their price target on shares of IonQ from $11.50 to $8.00 and set a neutral rating for the company in a research report on Friday, August 9th. Benchmark lowered their target price on shares of IonQ from $16.00 to $12.00 and set a buy rating on the stock in a research note on Monday, August 12th. Finally, Craig Hallum cut their price target on IonQ from $21.00 to $15.00 and set a buy rating for the company in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $12.00.

IonQ Price Performance

NYSE:IONQ opened at $9.31 on Wednesday. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of -11.22 and a beta of 2.05. The business has a fifty day moving average price of $7.60 and a 200-day moving average price of $8.02. IonQ has a one year low of $6.22 and a one year high of $16.60.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The business had revenue of $11.38 million during the quarter, compared to analysts’ expectations of $8.66 million. During the same quarter in the prior year, the business posted ($0.16) earnings per share. The business’s quarterly revenue was up 106.4% on a year-over-year basis. On average, equities research analysts expect that IonQ will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Quest Partners LLC boosted its stake in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in IonQ during the second quarter worth approximately $67,000. Prospect Financial Services LLC purchased a new stake in IonQ during the fourth quarter valued at approximately $124,000. Mosley Wealth Management bought a new stake in shares of IonQ in the 2nd quarter valued at approximately $81,000. Finally, QCM Cayman Ltd. purchased a new position in shares of IonQ in the 1st quarter worth approximately $120,000. 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.