IonQ (NYSE:IONQ) Price Target Cut to $45.00 by Analysts at Benchmark

IonQ (NYSE:IONQ) had its target price decreased by Benchmark from $50.00 to $45.00 in a report issued on Thursday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other analysts have also issued reports on IONQ. Craig Hallum boosted their target price on shares of 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 upped their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 target price on shares of IonQ in a report on Thursday. Finally, DA Davidson raised IonQ to a “strong-buy” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $44.80.

IonQ Price Performance

NYSE IONQ opened at $24.91 on Thursday. IonQ has a 1-year low of $6.22 and a 1-year high of $54.74. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of -30.75 and a beta of 2.41. The business’s fifty day moving average price is $38.99 and its 200-day moving average price is $24.63.

Insider Activity at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have 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

A number of large investors have recently bought and sold shares of IONQ. Pathway Financial Advisers LLC purchased a new stake in shares of IonQ during the fourth quarter valued at $26,000. Smartleaf Asset Management LLC boosted its position in IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after buying an additional 501 shares during the period. Measured Risk Portfolios Inc. bought a new position in IonQ in the 4th quarter worth about $27,000. TD Waterhouse Canada Inc. purchased a new position in shares of IonQ during the fourth quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC bought a new position in IonQ in the fourth quarter worth approximately $34,000. 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.