IonQ (NYSE:IONQ) Stock Price Down 0% - Here's What Happened

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares were down 0% during mid-day trading on Thursday . The stock traded as low as $24.62 and last traded at $26.36. Approximately 7,308,295 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 15,558,934 shares. The stock had previously closed at $26.37.

Analyst Ratings Changes

Several equities analysts recently commented on IONQ shares. DA Davidson decreased their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday. Benchmark reissued a "buy" rating and issued a $45.00 target price on shares of IonQ in a report on Monday, March 31st. The Goldman Sachs Group boosted 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 upped their price target on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, IonQ currently has an average rating of "Moderate Buy" and an average target price of $41.80.

IonQ Trading Down 2.8 %

The company has a market cap of $5.65 billion, a price-to-earnings ratio of -31.30 and a beta of 2.50. The stock's 50-day moving average is $27.29 and its 200-day moving average is $28.36.

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Insider Buying and Selling at IonQ

In other news, Director William F. Scannell bought 93,066 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares of the company's stock, valued at $2,945,375.07. This represents a 221.69 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction that occurred on Thursday, March 6th. The shares were 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 owns 592,615 shares of the company's stock, valued at $12,563,438. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IONQ. State Street Corp lifted its position in 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. Mirae Asset Global Investments Co. Ltd. purchased a new stake in IonQ during the 4th quarter valued at about $3,840,000. Strategic Advocates LLC bought a new position in IonQ during the 4th quarter worth approximately $863,000. Geode Capital Management LLC increased its stake in IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company's stock worth $38,640,000 after purchasing an additional 199,360 shares during the period. Finally, New York State Common Retirement Fund boosted its stake in shares of IonQ by 16.7% during the fourth quarter. New York State Common Retirement Fund now owns 61,481 shares of the company's stock valued at $2,568,000 after purchasing an additional 8,800 shares during the period. Institutional investors 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.