DA Davidson Begins Coverage on IonQ (NYSE:IONQ)

DA Davidson started coverage on shares of IonQ (NYSE:IONQ - Get Free Report) in a research report issued on Thursday, Marketbeat.com reports. The firm set a "buy" rating and a $50.00 price target on the stock. DA Davidson's target price would indicate a potential upside of 32.42% from the company's previous close.

Several other equities research analysts have also commented on the stock. Needham & Company LLC boosted their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Benchmark boosted their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Finally, Craig Hallum increased their target price on shares of IonQ from $15.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

IonQ Stock Up 0.7 %

IONQ traded up $0.26 on Thursday, hitting $37.76. 27,590,869 shares of the company traded hands, compared to its average volume of 10,334,580. The company has a 50 day moving average of $24.51 and a 200-day moving average of $13.57. IonQ has a 12-month low of $6.22 and a 12-month high of $44.99. The stock has a market capitalization of $8.17 billion, a PE ratio of -46.62 and a beta of 2.49.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same period in the prior year, the firm posted ($0.22) earnings per share. The business's quarterly revenue was up 102.1% compared to the same quarter last year. On average, research analysts anticipate that IonQ will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the sale, the executive now directly owns 638,908 shares in the company, valued at $7,488,001.76. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the company's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,223 shares of company stock valued at $2,286,983 over the last quarter. Corporate insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

Hedge funds and other institutional investors have recently made changes to their positions in the business. Arete Wealth Advisors LLC acquired a new stake in IonQ in the 3rd quarter worth about $91,000. Geode Capital Management LLC lifted its holdings in shares of IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company's stock worth $38,640,000 after acquiring an additional 199,360 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of IonQ in the third quarter worth approximately $1,631,000. Main Management ETF Advisors LLC purchased a new stake in IonQ in the third quarter valued at approximately $1,865,000. Finally, Zacks Investment Management increased its position in IonQ by 10.0% during the third quarter. Zacks Investment Management now owns 154,701 shares of the company's stock worth $1,352,000 after purchasing an additional 14,072 shares during the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

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.