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

IonQ (NYSE:IONQ) had its target price cut by equities research analysts at DA Davidson from $50.00 to $35.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s target price would indicate a potential upside of 37.76% from the company’s previous close.

A number of other research firms have also issued reports on IONQ. Benchmark reaffirmed a “buy” rating and set a $45.00 target price on shares of IonQ in a report on Monday, March 31st. 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. Craig Hallum raised their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, The Goldman Sachs Group upped their price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $41.80.

IonQ Price Performance

NYSE IONQ opened at $25.41 on Monday. The stock’s 50 day simple moving average is $26.63 and its 200-day simple moving average is $28.45. The company has a market cap of $5.66 billion, a PE ratio of -31.37 and a beta of 2.50. IonQ has a 1-year low of $6.22 and a 1-year high of $54.74.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 20,047 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $372,272.79. Following the completion of the sale, the executive now owns 572,568 shares of the company’s stock, valued at $10,632,587.76. This trade represents a 3.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William F. Scannell purchased 93,066 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 2,033,166 shares of company stock valued at $38,059,593 over the last ninety days. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently made changes to their positions in the stock. PDS Planning Inc increased its holdings in IonQ by 2.6% in the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company’s stock valued at $494,000 after purchasing an additional 300 shares during the last quarter. Mariner LLC grew its stake in shares of IonQ by 0.6% in the fourth quarter. Mariner LLC now owns 54,479 shares of the company’s stock valued at $2,276,000 after buying an additional 350 shares in the last quarter. Allworth Financial LP raised its holdings in shares of IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock valued at $116,000 after buying an additional 363 shares during the period. GAMMA Investing LLC lifted its stake in IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after acquiring an additional 480 shares in the last quarter. Finally, Future Financial Wealth Managment LLC boosted its holdings in IonQ by 50.0% during 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 period. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.