IonQ (NYSE:IONQ) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded IonQ from a "sell" to a "hold", while overall analyst coverage remains mixed—10 Buys, 6 Holds and 1 Sell—yielding a consensus "Moderate Buy" and an average price target of $68.25.
• Shares opened at $42.67 (down about 2.2%), with a market cap of $15.64 billion, a 50-day moving average of $34.55 and a 200-day moving average of $45.34, and a 12‑month range of $25.89–$84.64.
• Recent insider activity saw Robert T. Cardillo sell 5,165 shares at roughly $39.44 while Director William J. Teuber, Jr. bought 3,000 shares at $38.38; insiders now own about 5.20% of the company.

IonQ (NYSE:IONQ - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

Several other research analysts have also commented on the stock. DA Davidson dropped their price target on shares of IonQ from $55.00 to $35.00 and set a "neutral" rating on the stock in a research note on Thursday, February 26th. Weiss Ratings restated a "sell (d-)" rating on shares of IonQ in a research note on Tuesday. Needham & Company LLC dropped their price target on shares of IonQ from $80.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, February 26th. Benchmark dropped their price target on shares of IonQ from $75.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, February 26th. Finally, Rosenblatt Securities restated a "buy" rating and set a $100.00 price target on shares of IonQ in a research note on Thursday, February 26th. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, IonQ presently has an average rating of "Moderate Buy" and an average price target of $68.25.

IonQ Stock Down 2.2%

Shares of IONQ opened at $42.67 on Friday. The company's fifty day moving average is $34.55 and its 200-day moving average is $45.34. IonQ has a 12 month low of $25.89 and a 12 month high of $84.64. The firm has a market cap of $15.64 billion, a price-to-earnings ratio of -17.14 and a beta of 2.80.

Insider Buying and Selling

In related news, insider Robert T. Cardillo sold 5,165 shares of the company's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the completion of the sale, the insider directly owned 112,291 shares of the company's stock, valued at approximately $4,428,757.04. This represents a 4.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J. Teuber, Jr. acquired 3,000 shares of the firm's stock in a transaction that occurred on Friday, February 27th. The shares were purchased at an average cost of $38.38 per share, with a total value of $115,140.00. Following the completion of the acquisition, the director owned 9,413 shares in the company, valued at $361,270.94. This trade represents a 46.78% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders sold 8,581 shares of company stock valued at $316,156. Company insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

Several large investors have recently modified their holdings of IONQ. Stone House Investment Management LLC boosted its holdings in shares of IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company's stock worth $25,000 after buying an additional 350 shares during the period. Ameriflex Group Inc. boosted its holdings in IonQ by 485.7% in 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 during the period. Accent Capital Management LLC boosted its holdings in IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company's stock valued at $26,000 after purchasing an additional 371 shares during the period. Fortitude Family Office LLC boosted its holdings in IonQ by 3,800.0% in the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company's stock valued at $28,000 after purchasing an additional 608 shares during the period. Finally, Financial Consulate Inc. bought a new stake in IonQ in the 3rd quarter valued at $29,000. 41.42% of the stock is owned by institutional investors.

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. 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.

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