IonQ (NYSE:IONQ) Stock Price Down 3% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price traded down 3% during trading on Monday . The company traded as low as $37.04 and last traded at $37.47. 8,150,097 shares were traded during mid-day trading, a decline of 71% from the average session volume of 27,816,476 shares. The stock had previously closed at $38.65.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IONQ. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. DA Davidson began coverage on IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target on the stock. The Goldman Sachs Group upped their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, 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. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $33.00.

IonQ Stock Down 3.0 %

The firm has a fifty day simple moving average of $39.69 and a 200-day simple moving average of $23.31. The company has a market cap of $8.11 billion, a PE ratio of -46.26 and a beta of 2.40.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the transaction, the executive now directly owns 571,321 shares in the company, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock valued at $1,314,652 in the last three months. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently made changes to their positions in the company. First Manhattan CO. LLC. purchased a new stake in shares of IonQ in the fourth quarter valued at approximately $7,415,000. FORA Capital LLC acquired a new stake in IonQ in the fourth quarter valued at $2,996,000. Deutsche Bank AG boosted its position in shares of IonQ by 79.4% during the 4th quarter. Deutsche Bank AG now owns 213,911 shares of the company’s stock worth $8,935,000 after purchasing an additional 94,650 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of IonQ by 120.0% during the 4th quarter. Cetera Investment Advisers now owns 34,033 shares of the company’s stock worth $1,422,000 after purchasing an additional 18,566 shares during the period. Finally, Bosun Asset Management LLC purchased a new position in shares of IonQ in the 4th quarter valued at about $458,000. Hedge funds and other institutional investors 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.