IonQ (NYSE:IONQ) Given New $35.00 Price Target at DA Davidson

IonQ (NYSE:IONQ) had its target price reduced by DA Davidson from $50.00 to $35.00 in a research report sent to investors on Monday morning,Benzinga reports. DA Davidson currently has a buy rating on the stock.

Several other research analysts also recently commented on IONQ. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. The Goldman Sachs Group increased their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Craig Hallum boosted their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Benchmark reiterated a “buy” rating and issued a $45.00 target price on shares of IonQ in a research note on Monday, March 31st. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and an average target price of $41.80.

IonQ Stock Performance

Shares of NYSE:IONQ opened at $25.35 on Monday. The stock’s 50-day moving average is $26.95 and its 200-day moving average is $28.47. The company has a market cap of $5.65 billion, a P/E ratio of -31.30 and a beta of 2.50. IonQ has a 52-week low of $6.22 and a 52-week high of $54.74.

Insider Buying and Selling at IonQ

In other IonQ news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares of the company’s stock, valued at approximately $7,756,875.36. The trade was a 82.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the transaction, the executive now directly owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,033,166 shares of company stock valued at $38,059,593 in the last 90 days. 11.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Pathway Financial Advisers LLC bought a new position in IonQ during the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC increased its holdings in shares of IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after buying an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new stake in shares of IonQ during the fourth quarter worth approximately $27,000. TD Waterhouse Canada Inc. bought a new position in shares of IonQ in the fourth quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of IonQ in the 4th quarter worth approximately $34,000. 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.