IonQ (NYSE:IONQ) Stock Price Down 0.9% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price dropped 0.9% during trading on Thursday . The stock traded as low as $37.51 and last traded at $37.65. Approximately 5,497,010 shares traded hands during trading, a decline of 81% from the average daily volume of 29,254,494 shares. The stock had previously closed at $38.00.

Wall Street Analyst Weigh In

IONQ has been the topic of several research analyst reports. DA Davidson initiated coverage on shares of IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 target price on the stock. 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 note on Thursday, November 7th. Craig Hallum lifted their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group lifted their price objective 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. Finally, Benchmark lifted 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 and four have given a buy rating to the company. Based on data from MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

IonQ Price Performance

The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of -46.34 and a beta of 2.40. The firm’s fifty day moving average is $39.65 and its 200 day moving average is $22.78.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 21,337 shares of the business’s 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 sale, the executive now owns 571,321 shares in the company, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction dated 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. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is owned by company insiders.

Institutional Trading of IonQ

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of IonQ by 0.6% during the fourth 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 raised its stake in shares of IonQ by 1.0% during the fourth 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 raised its stake in shares of IonQ by 1.8% during the third 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. raised its stake in shares of IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after buying an additional 2,293,231 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of IonQ by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company’s stock worth $68,740,000 after buying an additional 31,638 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.