IonQ (NYSE:IONQ) Rating Increased to Strong-Buy at DA Davidson

DA Davidson upgraded shares of IonQ (NYSE:IONQ) to a strong-buy rating in a research note released on Thursday morning,Zacks.com reports.

IONQ has been the topic of a number of other research reports. Benchmark upped their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC upped their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Craig Hallum increased their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, The Goldman Sachs Group increased their price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. One investment 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. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $33.00.

IonQ Stock Down 1.2 %

Shares of IonQ stock opened at $33.73 on Thursday. IonQ has a 12-month low of $6.22 and a 12-month high of $54.74. The stock has a market cap of $7.30 billion, a P/E ratio of -41.64 and a beta of 2.40. The business’s 50 day moving average is $39.93 and its 200-day moving average is $23.85.

Insiders Place Their Bets

In other news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the sale, the executive now directly owns 571,321 shares in the company, valued at approximately $16,985,373.33. This trade represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,223 shares of company stock worth $1,314,652 in the last 90 days. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several large investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in IonQ by 29.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company’s stock valued at $15,146,000 after buying an additional 82,499 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in IonQ in the fourth quarter valued at about $7,081,000. Virtus Fund Advisers LLC acquired a new stake in IonQ in the fourth quarter valued at about $42,000. Virtus Investment Advisers Inc. bought a new position in IonQ in the fourth quarter valued at about $209,000. Finally, Visionary Wealth Advisors bought a new position in IonQ in the fourth quarter valued at about $567,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.