Benchmark Cuts IonQ (NYSE:IONQ) Price Target to $40.00

IonQ (NYSE:IONQ) had its price target decreased by Benchmark from $45.00 to $40.00 in a report issued on Wednesday,Benzinga reports. Benchmark currently has a buy rating on the stock.

IONQ has been the topic of several other reports. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. The Goldman Sachs Group lifted their price objective on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Finally, DA Davidson lowered their price objective on shares of IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, April 14th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.80.

IonQ Price Performance

Shares of IONQ stock opened at $28.93 on Wednesday. The company has a market capitalization of $6.45 billion, a P/E ratio of -35.72 and a beta of 2.50. The company’s 50-day simple moving average is $24.73 and its two-hundred day simple moving average is $29.26. IonQ has a one year low of $6.22 and a one year high of $54.74.

Insider Activity at IonQ

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now owns 414,363 shares of the company’s stock, valued at $7,756,875.36. This trade represents a 82.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the transaction, the executive now directly owns 592,615 shares in the company, valued at $12,563,438. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last quarter. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently modified their holdings of the business. Verity Asset Management Inc. raised its position in shares of IonQ by 67.6% in the 1st quarter. Verity Asset Management Inc. now owns 10,601 shares of the company’s stock valued at $234,000 after purchasing an additional 4,274 shares during the last quarter. McGuire Investment Group LLC lifted its stake in shares of IonQ by 976.8% during the first quarter. McGuire Investment Group LLC now owns 69,993 shares of the company’s stock worth $1,545,000 after buying an additional 63,493 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of IonQ by 54.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,735 shares of the company’s stock valued at $203,000 after buying an additional 3,068 shares during the last quarter. Perigon Wealth Management LLC increased its position in shares of IonQ by 23.0% in the 1st quarter. Perigon Wealth Management LLC now owns 10,667 shares of the company’s stock valued at $235,000 after acquiring an additional 1,993 shares during the period. Finally, HBK Sorce Advisory LLC purchased a new position in IonQ in the 1st quarter worth $404,000. Hedge funds and other institutional investors 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.