DA Davidson Lowers IonQ (NYSE:IONQ) Price Target to $35.00

IonQ (NYSE:IONQ) had its price target lowered by analysts at DA Davidson from $50.00 to $35.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s target price would indicate a potential upside of 40.00% from the company’s previous close.

A number of other brokerages have also issued reports on IONQ. Benchmark reaffirmed a “buy” rating and set a $45.00 price objective on shares of IonQ in a report on Monday, March 31st. Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and an average price target of $41.80.

IonQ Stock Performance

Shares of IONQ traded down $1.09 during mid-day trading on Monday, reaching $25.00. The stock had a trading volume of 15,580,622 shares, compared to its average volume of 15,731,291. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of -30.86 and a beta of 2.50. The business has a fifty day moving average of $27.29 and a 200 day moving average of $28.36. IonQ has a 12 month low of $6.22 and a 12 month high of $54.74.

Insider Buying and Selling

In related news, CFO Thomas G. Kramer sold 11,712 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the transaction, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. The trade was a 1.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William F. Scannell acquired 93,066 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the acquisition, the director now owns 135,047 shares in the company, valued at approximately $2,945,375.07. The trade was a 221.69 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 2,033,166 shares of company stock valued at $38,059,593 over the last 90 days. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Yarbrough Capital LLC acquired a new position in shares of IonQ in the first quarter valued at about $369,000. Miracle Mile Advisors LLC increased its holdings in IonQ by 2.5% in the 1st quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company’s stock worth $452,000 after buying an additional 500 shares during the period. Milestone Asset Management LLC raised its position in IonQ by 55.5% during the 1st quarter. Milestone Asset Management LLC now owns 42,333 shares of the company’s stock worth $934,000 after buying an additional 15,109 shares during the last quarter. Strong Tower Advisory Services acquired a new stake in IonQ during the 1st quarter valued at approximately $668,000. Finally, Future Financial Wealth Managment LLC boosted its holdings in shares of IonQ by 50.0% in the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock valued at $33,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

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.