IonQ (NYSE:IONQ) Shares Down 1% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) were down 1% during trading on Monday . The stock traded as low as $21.50 and last traded at $22.62. Approximately 6,672,799 shares changed hands during trading, a decline of 55% from the average daily volume of 14,990,899 shares. The stock had previously closed at $22.85.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IONQ. The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. Benchmark restated a “buy” rating and set a $45.00 price target on shares of IonQ in a report on Monday. Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, DA Davidson upgraded IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. One investment 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 company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $44.80.

IonQ Trading Up 5.3 %

The firm’s fifty day moving average price is $30.57 and its 200-day moving average price is $27.38. The company has a market cap of $5.18 billion, a P/E ratio of -28.68 and a beta of 2.50.

Insider Activity at IonQ

In other news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares in the company, valued at approximately $7,756,875.36. The trade was a 82.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the transaction, the executive now directly owns 592,615 shares of the company’s stock, valued at $12,563,438. This trade represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,033,166 shares of company stock worth $38,059,593 over the last three months. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Institutional investors have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC acquired a new stake in IonQ in the 4th quarter valued at $26,000. Smartleaf Asset Management LLC lifted 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 valued at $27,000 after acquiring an additional 501 shares during the period. Measured Risk Portfolios Inc. acquired a new stake in shares of IonQ in the 4th quarter valued at $27,000. TD Waterhouse Canada Inc. bought a new stake in shares of IonQ in the 4th quarter worth about $33,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of IonQ in the 4th quarter worth about $34,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.