IonQ (NYSE:IONQ) Shares Down 1.7% – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares traded down 1.7% during trading on Thursday . The stock traded as low as $32.84 and last traded at $33.56. 6,755,606 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 27,658,617 shares. The stock had previously closed at $34.14.

Analyst Ratings Changes

Several analysts have weighed in on the company. Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC lifted their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Craig Hallum increased their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a report on Thursday. Finally, The Goldman Sachs Group increased their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $33.00.

IonQ Stock Performance

The stock has a 50-day moving average of $39.89 and a two-hundred day moving average of $24.03. The company has a market cap of $6.87 billion, a P/E ratio of -39.18 and a beta of 2.40.

Insider Activity

In related news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,223 shares of company stock worth $1,314,652 over the last three months. 11.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pathway Financial Advisers LLC purchased a new position in IonQ in the 4th quarter worth about $26,000. Smartleaf Asset Management LLC grew its stake in shares of IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after acquiring an additional 501 shares during the period. Measured Risk Portfolios Inc. purchased a new position in shares of IonQ during the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. bought a new position in IonQ during the fourth quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC purchased a new stake in IonQ in the fourth quarter worth approximately $34,000. 41.42% of the stock is owned by 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.