IonQ’s (IONQ) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of IonQ (NYSE:IONQ) in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a $54.00 target price on the stock.

Several other equities analysts have also weighed in on the stock. Craig Hallum lifted their target price on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. Benchmark boosted their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group boosted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $44.80.

IonQ Price Performance

NYSE:IONQ opened at $24.60 on Thursday. The firm has a market cap of $5.32 billion, a price-to-earnings ratio of -30.37 and a beta of 2.41. The company has a 50 day moving average price of $38.59 and a 200-day moving average price of $24.88. IonQ has a 1-year low of $6.22 and a 1-year high of $54.74.

Insider Transactions at IonQ

In other news, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,223 shares of company stock valued at $1,314,652 over the last 90 days. 11.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IONQ. Pathway Financial Advisers LLC acquired a new position in shares of IonQ during the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC boosted its position in shares of IonQ by 421.0% during 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 position in shares of IonQ during the 4th quarter valued at about $27,000. TD Waterhouse Canada Inc. acquired a new position in shares of IonQ during the 4th quarter valued at about $33,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of IonQ during the 4th quarter valued at about $34,000. Institutional investors and hedge funds 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.