IonQ (NYSE:IONQ) Trading Down 0.9% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price traded down 0.9% during trading on Thursday . The stock traded as low as $37.51 and last traded at $37.65. 5,497,010 shares were traded during mid-day trading, a decline of 81% from the average session volume of 29,254,494 shares. The stock had previously closed at $38.00.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on IONQ shares. Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their price objective on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Needham & Company LLC upped their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson began coverage on shares of IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. Finally, Craig Hallum upped their price target on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

IonQ Price Performance

The stock has a market capitalization of $8.11 billion, a PE ratio of -46.26 and a beta of 2.40. The business’s fifty day moving average price is $39.69 and its 200-day moving average price is $23.10.

Insiders Place Their Bets

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’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 transaction of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. This represents a 3.07 % 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 three months. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors and hedge funds have recently bought and sold shares of IONQ. Charles Schwab Investment Management Inc. raised its position in shares of IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares in the last quarter. Yong Rong HK Asset Management Ltd purchased a new stake in IonQ during the third quarter valued at about $3,749,000. Rockefeller Capital Management L.P. raised its position in IonQ by 34.2% during the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after purchasing an additional 111,435 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in IonQ during the third quarter valued at about $1,631,000. Finally, Prospera Financial Services Inc raised its holdings in shares of IonQ by 196.1% during the 3rd quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock valued at $337,000 after buying an additional 25,502 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.