Analysts Set IonQ, Inc. (NYSE:IONQ) Price Target at $69.45

IonQ, Inc. (NYSE:IONQ) has earned an average rating of “Moderate Buy” from the sixteen analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $69.4545.

Several brokerages have recently commented on IONQ. DA Davidson decreased their price target on IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, February 26th. Wedbush began coverage on IonQ in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price objective for the company. Morgan Stanley set a $37.00 price objective on IonQ in a report on Thursday, February 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of IonQ in a research report on Thursday, January 22nd. Finally, Needham & Company LLC lowered their target price on IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th.

Insider Buying and Selling

In other IonQ news, Director William J. Teuber, Jr. bought 3,000 shares of the business’s stock in a transaction on Friday, February 27th. The stock was bought at an average price of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the transaction, the director owned 9,413 shares in the company, valued at approximately $361,270.94. The trade was a 46.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the sale, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. This trade represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 8,581 shares of company stock worth $316,156 in the last three months. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IONQ. Purpose Unlimited Inc. purchased a new stake in IonQ in the 4th quarter valued at approximately $784,000. Rockefeller Capital Management L.P. grew its holdings in IonQ by 257.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 511,178 shares of the company’s stock valued at $22,937,000 after buying an additional 368,045 shares during the last quarter. Fund Advisors of America Inc FL purchased a new position in IonQ during the fourth quarter worth $463,000. Spear Advisors LLC purchased a new position in IonQ during the fourth quarter worth $1,853,000. Finally, Corient Private Wealth LLC raised its holdings in shares of IonQ by 29.5% in the fourth quarter. Corient Private Wealth LLC now owns 61,437 shares of the company’s stock worth $2,757,000 after acquiring an additional 13,996 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Stock Up 0.1%

Shares of NYSE IONQ opened at $29.33 on Friday. The stock has a market capitalization of $10.75 billion, a price-to-earnings ratio of -11.78 and a beta of 2.80. IonQ has a 52 week low of $18.81 and a 52 week high of $84.64. The firm has a 50-day moving average price of $34.43 and a 200 day moving average price of $48.45.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.