DA Davidson Issues Pessimistic Forecast for IonQ (NYSE:IONQ) Stock Price

IonQ (NYSE:IONQ - Get Free Report) had its price target cut by DA Davidson from $50.00 to $35.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. DA Davidson's price target would suggest a potential upside of 40.00% from the company's current price.

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

IonQ Trading Down 4.2 %

Shares of IONQ traded down $1.09 during midday 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 company has a market capitalization of $5.57 billion, a price-to-earnings ratio of -30.86 and a beta of 2.50. The company's 50-day moving average is $27.29 and its 200 day moving average is $28.36. IonQ has a 12-month low of $6.22 and a 12-month high of $54.74.

Insider Buying and Selling

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares in the company, valued at $17,539,550.70. This trade represents a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now directly owns 414,363 shares in the company, valued at approximately $7,756,875.36. The trade was a 82.84 % 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 over the last ninety days. 11.60% of the stock is owned by insiders.

Institutional Trading of IonQ

A number of hedge funds have recently made changes to their positions in the stock. PDS Planning Inc raised its stake in IonQ by 2.6% during the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company's stock valued at $494,000 after buying an additional 300 shares during the last quarter. Mariner LLC raised its holdings in IonQ by 0.6% in the fourth quarter. Mariner LLC now owns 54,479 shares of the company's stock worth $2,276,000 after buying an additional 350 shares during the last quarter. Allworth Financial LP lifted its stake in shares of IonQ by 15.2% in the fourth quarter. Allworth Financial LP now owns 2,753 shares of the company's stock worth $116,000 after buying an additional 363 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of IonQ by 73.2% during the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock valued at $47,000 after buying an additional 480 shares during the last quarter. Finally, Future Financial Wealth Managment LLC increased its position in shares of IonQ by 50.0% during the first 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 in the last quarter. 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.

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