IonQ (NYSE:IONQ - Free Report) had its price target trimmed by DA Davidson from $50.00 to $35.00 in a report released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.
Other research analysts have also recently issued reports about the company. The Goldman Sachs Group raised their price objective on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. Craig Hallum upped their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Benchmark reiterated a "buy" rating and set a $45.00 price objective on shares of IonQ in a research note on Monday, March 31st. Finally, Needham & Company LLC reiterated a "buy" rating and set a $54.00 price target on shares of IonQ in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, IonQ presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.80.
Read Our Latest Analysis on IONQ
IonQ Trading Up 5.1 %
Shares of IONQ traded up $1.24 during midday trading on Monday, reaching $25.81. The stock had a trading volume of 10,111,365 shares, compared to its average volume of 15,844,856. The company's 50-day moving average is $26.00 and its 200 day moving average is $28.54. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of -31.87 and a beta of 2.50. IonQ has a 12-month low of $6.22 and a 12-month high of $54.74.
Insider Activity at IonQ
In related news, Director William F. Scannell acquired 93,066 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the purchase, the director now owns 135,047 shares in the company, valued at $2,945,375.07. The trade was a 221.69 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the transaction, the insider now directly owns 414,363 shares in the company, valued at $7,756,875.36. This represents a 82.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is owned by insiders.
Institutional Investors Weigh In On IonQ
A number of institutional investors have recently bought and sold shares of the business. State Street Corp boosted its position in shares of IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company's stock worth $37,240,000 after acquiring an additional 75,596 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in IonQ during the fourth quarter valued at approximately $3,840,000. Strategic Advocates LLC bought a new stake in IonQ in the fourth quarter worth $863,000. Geode Capital Management LLC boosted its stake in IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company's stock worth $38,640,000 after buying an additional 199,360 shares during the period. Finally, New York State Common Retirement Fund raised its stake in shares of IonQ by 16.7% in the fourth quarter. New York State Common Retirement Fund now owns 61,481 shares of the company's stock valued at $2,568,000 after acquiring an additional 8,800 shares during the period. Hedge funds and other institutional investors own 41.42% of the company's stock.
About IonQ
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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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