IonQ Analysts Raise Their Forecasts After Q2 Results

IonQ, Inc. IONQ reported mixed financial results for the second quarter.

IonQ said second-quarter revenue increased 111% year-over-year to $5.5 million, which beat the consensus estimate of $4.35 million. The company reported a quarterly loss of 22 cents per share, which missed analyst estimates for a loss of 13 cents per share.

IonQ said it expects third-quarter revenue to be between $4.8 million and $5.2 million. The company raised its full-year revenue outlook to a range of $18.9 million to $19.3 million.

IonQ shares gained 4.3% to $16.38 in pre-market trading.

These analysts made changes to their price targets on IonQ following earnings announcement.

• Goldman Sachs boosted the price target on IonQ from $9 to $14. Goldman Sachs analyst Toshiya Hari maintained a Neutral rating.
• Benchmark increased the price target on IonQ from $17 to $20. Benchmark analyst David Williams maintained a Buy rating.
• Morgan Stanley increased IonQ price target from $7 to $16. Morgan Stanley analyst Scott Fessler maintained an Equal-Weight rating.