IonQ’s (IONQ) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of IonQ (NYSE:IONQ) in a research note published on Thursday morning,Benzinga reports. They currently have a $54.00 target price on the stock.

IONQ has been the topic of several other reports. 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 research note on Friday, January 10th. Craig Hallum lifted their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Benchmark lifted their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, DA Davidson upgraded IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $44.80.

IonQ Price Performance

NYSE IONQ opened at $24.91 on Thursday. The company has a market cap of $5.39 billion, a P/E ratio of -30.75 and a beta of 2.41. The stock has a 50-day moving average of $38.99 and a two-hundred day moving average of $24.63. IonQ has a 1-year low of $6.22 and a 1-year high of $54.74.

Insider Transactions at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now directly owns 926,114 shares in the company, valued at $27,524,108.08. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,223 shares of company stock worth $1,314,652. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC purchased a new stake in shares of IonQ in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its holdings in IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after acquiring an additional 501 shares during the period. Measured Risk Portfolios Inc. purchased a new stake in shares of IonQ during the 4th quarter worth $27,000. TD Waterhouse Canada Inc. acquired a new position in shares of IonQ during the 4th quarter worth $33,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of IonQ during the 4th quarter worth $34,000. Institutional investors and hedge funds 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.