IonQ (NYSE:IONQ) Stock Price Down 1.5% on Analyst Downgrade

IonQ, Inc. (NYSE:IONQ) shares dropped 1.5% during trading on Tuesday after DA Davidson lowered their price target on the stock from $50.00 to $35.00. DA Davidson currently has a buy rating on the stock. IonQ traded as low as $24.94 and last traded at $24.97. Approximately 3,821,385 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 15,697,794 shares. The stock had previously closed at $25.35.

Several other equities analysts have also weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. The Goldman Sachs Group raised their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Benchmark reaffirmed a “buy” rating and issued a $45.00 target price on shares of IonQ in a research note on Monday, March 31st. Finally, Craig Hallum increased their price target 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.80.

Insider Activity

In related news, Director William F. Scannell purchased 93,066 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the purchase, the director now owns 135,047 shares of the company’s stock, valued at $2,945,375.07. This represents a 221.69 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total transaction of $29,828.40. Following the sale, the executive now directly owns 592,615 shares in the company, valued at approximately $12,563,438. This trade represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC grew its holdings in IonQ by 60.2% during the 1st quarter. SG Americas Securities LLC now owns 12,818 shares of the company’s stock worth $283,000 after acquiring an additional 4,818 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of IonQ by 116.7% in the 1st quarter. GAMMA Investing LLC now owns 2,462 shares of the company’s stock valued at $54,000 after buying an additional 1,326 shares in the last quarter. Farther Finance Advisors LLC raised its stake in IonQ by 780.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company’s stock worth $34,000 after acquiring an additional 1,295 shares in the last quarter. Daymark Wealth Partners LLC boosted its stake in IonQ by 11.5% in the first quarter. Daymark Wealth Partners LLC now owns 14,601 shares of the company’s stock valued at $322,000 after acquiring an additional 1,501 shares in the last quarter. Finally, Yarbrough Capital LLC acquired a new stake in shares of IonQ during the first quarter worth about $369,000. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Trading Down 3.3 %

The stock has a market cap of $5.47 billion, a PE ratio of -30.32 and a beta of 2.50. The business has a 50 day moving average of $26.31 and a 200-day moving average of $28.42.

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.