Benchmark Lowers IonQ (NYSE:IONQ) Price Target to $45.00

IonQ (NYSE:IONQ) had its target price reduced by stock analysts at Benchmark from $50.00 to $45.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price target points to a potential upside of 71.07% from the company’s previous close.

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

IonQ Trading Down 12.1 %

IONQ traded down $3.63 on Thursday, reaching $26.31. The stock had a trading volume of 17,434,358 shares, compared to its average volume of 26,070,146. The business’s 50-day moving average price is $39.25 and its two-hundred day moving average price is $24.63. The company has a market cap of $5.69 billion, a P/E ratio of -32.36 and a beta of 2.41. IonQ has a 12-month low of $6.22 and a 12-month high of $54.74.

Insider Buying and Selling at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of IonQ 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 sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The sale 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 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 quarter. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently bought and sold shares of the business. Pathway Financial Advisers LLC acquired a new stake in IonQ in the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC grew its position in shares of IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. purchased a new stake in shares of IonQ in the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. acquired a new stake in shares of IonQ in the fourth quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC purchased a new position in IonQ during the fourth quarter worth approximately $34,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.