IonQ (NYSE:IONQ) Stock Price Down 0.7% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) were down 0.7% during mid-day trading on Monday . The company traded as low as $24.12 and last traded at $24.83. Approximately 15,947,025 shares traded hands during mid-day trading, an increase of 12% from the average daily volume of 14,287,282 shares. The stock had previously closed at $25.00.

Wall Street Analyst Weigh In

Several analysts recently issued reports on IONQ shares. Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and issued a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. The Goldman Sachs Group raised their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Finally, Benchmark lowered their target price on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $44.80.

IonQ Price Performance

The company has a market cap of $5.52 billion, a P/E ratio of -30.59 and a beta of 2.50. The business has a 50-day moving average of $34.02 and a two-hundred day moving average of $26.00.

Insiders Place Their Bets

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares in the company, valued at $17,539,550.70. This represents a 1.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of the business’s stock in a transaction dated 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 approximately $7,756,875.36. This trade represents a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

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

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.