IonQ (NYSE:IONQ) Trading Down 2.2% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price fell 2.2% during trading on Friday . The stock traded as low as $32.57 and last traded at $33.02. 6,815,419 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 27,217,791 shares. The stock had previously closed at $33.75.

Analysts Set New Price Targets

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

IonQ Price Performance

The stock has a market cap of $6.87 billion, a PE ratio of -39.18 and a beta of 2.40. The firm has a 50-day moving average of $39.89 and a 200-day moving average of $24.14.

Insider Activity

In other news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares in the company, valued at approximately $16,985,373.33. This trade represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,223 shares of company stock worth $1,314,652 over the last quarter. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of IonQ by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company’s stock worth $892,797,000 after buying an additional 125,144 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of IonQ by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock worth $186,593,000 after buying an additional 45,942 shares during the last quarter. State Street Corp increased its holdings in shares of IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after buying an additional 75,596 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after purchasing an additional 2,293,231 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of IonQ by 12.6% during the 4th quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock worth $80,809,000 after purchasing an additional 216,752 shares during the period. 41.42% of the stock is currently owned by 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.