IonQ (NYSE:IONQ) Trading Up 2.3% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price shot up 2.3% during mid-day trading on Thursday . The company traded as high as $25.56 and last traded at $25.13. Approximately 3,670,800 shares were traded during mid-day trading, a decline of 77% from the average session volume of 15,727,540 shares. The stock had previously closed at $24.57.

Analysts Set New Price Targets

A number of brokerages have commented on IONQ. The Goldman Sachs Group increased their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Benchmark reaffirmed a “buy” rating and set a $45.00 target price on shares of IonQ in a report on Monday, March 31st. DA Davidson cut their price target on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. Finally, Craig Hallum increased their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.80.

IonQ Stock Performance

The firm’s fifty day simple moving average is $25.76 and its 200 day simple moving average is $28.66. The stock has a market capitalization of $5.75 billion, a price-to-earnings ratio of -31.87 and a beta of 2.50.

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 20,047 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $372,272.79. Following the sale, the executive now owns 572,568 shares of the company’s stock, valued at $10,632,587.76. The trade was a 3.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the sale, the insider now owns 414,363 shares in the company, valued at $7,756,875.36. The trade was a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently modified their holdings of the stock. Pathway Financial Advisers LLC acquired a new position in shares of IonQ during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC raised its position in shares of IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares during the period. Measured Risk Portfolios Inc. acquired a new stake in shares of IonQ during the 4th quarter worth about $27,000. TD Waterhouse Canada Inc. bought a new stake in shares of IonQ during the 4th quarter worth about $33,000. Finally, Future Financial Wealth Managment LLC grew its stake in IonQ by 50.0% in the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock valued at $33,000 after buying an additional 500 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

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.