DA Davidson Begins Coverage on IonQ (NYSE:IONQ)

Analysts at DA Davidson assumed coverage on shares of IonQ (NYSE:IONQ) in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm set a “buy” rating and a $50.00 price target on the stock. DA Davidson’s price target would indicate a potential upside of 12.56% from the company’s previous close.

A number of other equities analysts have also weighed in on IONQ. Needham & Company LLC increased their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Benchmark increased their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum upped their price target on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.60.

IonQ Price Performance

NYSE:IONQ opened at $44.42 on Thursday. The company has a market cap of $9.61 billion, a P/E ratio of -54.84 and a beta of 2.49. The firm’s fifty day moving average price is $25.74 and its two-hundred day moving average price is $13.99. IonQ has a one year low of $6.22 and a one year high of $47.41.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business’s quarterly revenue was up 102.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.22) EPS. As a group, equities research analysts expect that IonQ will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares in the company, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction that occurred 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 owns 414,363 shares in the company, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,223 shares of company stock valued at $2,286,983 over the last 90 days. 11.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC increased its stake in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new stake in IonQ in the second quarter valued at about $67,000. nVerses Capital LLC bought a new position in IonQ in the third quarter valued at about $72,000. Mosley Wealth Management acquired a new position in IonQ during the second quarter worth about $81,000. Finally, Xponance Inc. bought a new position in shares of IonQ in the second quarter worth about $88,000. 41.42% of the stock is currently 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.