IonQ (NYSE:IONQ) Stock Price Down 2.1% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares dropped 2.1% during trading on Tuesday . The company traded as low as $25.13 and last traded at $25.57. Approximately 6,594,647 shares were traded during trading, a decline of 55% from the average daily volume of 14,730,073 shares. The stock had previously closed at $26.12.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IONQ. DA Davidson upgraded IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Benchmark dropped their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. Craig Hallum lifted 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. Finally, The Goldman Sachs Group upped their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, IonQ has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Stock Performance

The firm has a fifty day moving average price of $32.40 and a 200 day moving average price of $26.68. The company has a market cap of $5.67 billion, a price-to-earnings ratio of -31.45 and a beta of 2.50.

Insider Activity

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. This represents a 1.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Rima Alameddine sold 20,047 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive now directly owns 572,568 shares of the company’s stock, valued at approximately $10,632,587.76. The trade was a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock valued at $38,059,593 in the last quarter. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of hedge funds have recently modified their holdings of IONQ. Pathway Financial Advisers LLC bought a new position in IonQ in the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC boosted its holdings 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 acquiring an additional 501 shares during the period. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ in the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. bought a new position in shares of IonQ during the fourth quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in IonQ during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.