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

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

Several other analysts also recently weighed in on the stock. The Goldman Sachs Group boosted 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. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum upped their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of IonQ in a report on Thursday. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $44.80.

IonQ Stock Down 1.3 %

NYSE IONQ opened at $24.60 on Thursday. The firm has a market cap of $5.32 billion, a PE ratio of -30.37 and a beta of 2.41. IonQ has a 52 week low of $6.22 and a 52 week high of $54.74. The company has a 50 day moving average price of $38.59 and a 200 day moving average price of $24.88.

Insiders Place Their Bets

In other news, CFO Thomas G. Kramer sold 9,780 shares of the firm’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 completion of the transaction, the chief financial officer now owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock valued at $1,314,652 over the last 90 days. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Institutional investors have recently bought and sold shares of the company. Pathway Financial Advisers LLC acquired a new position in shares of IonQ during the 4th quarter worth $26,000. Smartleaf Asset Management LLC grew its stake 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 acquiring an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. acquired a new stake in IonQ in the 4th quarter valued at about $27,000. TD Waterhouse Canada Inc. acquired a new stake in IonQ in the 4th quarter valued at about $33,000. Finally, Golden State Wealth Management LLC purchased a new position in IonQ in the 4th quarter valued at about $34,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.