IonQ (NYSE:IONQ) Shares Down 1.6% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price was down 1.6% on Wednesday . The stock traded as low as $21.78 and last traded at $21.99. Approximately 4,961,402 shares traded hands during trading, a decline of 64% from the average daily volume of 13,851,795 shares. The stock had previously closed at $22.35.

Wall Street Analyst Weigh In

IONQ has been the topic of a number of recent analyst reports. The Goldman Sachs Group upped their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note 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 note on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. Benchmark cut their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, DA Davidson raised IonQ to a “strong-buy” rating in a report on Thursday, February 20th. One research 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. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Trading Up 2.1 %

The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of -28.46 and a beta of 2.40. The firm has a 50-day simple moving average of $37.78 and a two-hundred day simple moving average of $25.22.

Insiders Place Their Bets

In related 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 completion of the transaction, the executive now directly owns 571,321 shares in the company, valued at $16,985,373.33. The trade was a 3.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction on 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 directly owns 926,114 shares in the company, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,223 shares of company stock worth $1,314,652. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in IonQ by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company’s stock valued at $892,797,000 after purchasing an additional 125,144 shares during the period. Geode Capital Management LLC grew its stake in IonQ by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock valued at $186,593,000 after acquiring an additional 45,942 shares during the period. State Street Corp grew its stake in IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after acquiring an additional 75,596 shares during the period. JPMorgan Chase & Co. increased its holdings in IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after acquiring an additional 2,293,231 shares in the last quarter. Finally, Northern Trust Corp raised its position in IonQ by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock worth $80,809,000 after acquiring an additional 216,752 shares during the period. 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.