IonQ (NYSE:IONQ) Trading Down 0.6% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report) traded down 0.6% during mid-day trading on Friday . The stock traded as low as $25.67 and last traded at $25.73. 7,567,647 shares were traded during mid-day trading, a decline of 52% from the average session volume of 15,606,573 shares. The stock had previously closed at $25.89.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, December 20th. DA Davidson cut their target price on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday. The Goldman Sachs Group increased their price objective 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. Finally, Benchmark reiterated a "buy" rating and set a $45.00 target price on shares of IonQ in a research report on Monday, March 31st. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, IonQ has an average rating of "Moderate Buy" and a consensus price target of $41.80.

IonQ Trading Up 0.2 %

The firm has a market capitalization of $5.66 billion, a price-to-earnings ratio of -31.37 and a beta of 2.50. The firm has a fifty day moving average price of $26.95 and a 200 day moving average price of $28.47.

Remove Ads

Insider Transactions at IonQ

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IONQ. JPMorgan Chase & Co. grew its holdings in 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 acquiring an additional 2,293,231 shares during the period. Chevy Chase Trust Holdings LLC acquired a new position in IonQ in the fourth quarter valued at about $32,060,000. Ameriprise Financial Inc. bought a new position in IonQ during the fourth quarter worth about $29,519,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of IonQ in the 4th quarter valued at about $29,513,000. Finally, Invesco Ltd. raised its position in shares of IonQ by 439.3% in the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company's stock valued at $35,800,000 after acquiring an additional 698,146 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.