IonQ (NYSE:IONQ) Stock Price Down 2.4% - Here's What Happened

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) traded down 2.4% during mid-day trading on Wednesday . The company traded as low as $24.45 and last traded at $24.78. 3,169,647 shares traded hands during trading, a decline of 80% from the average session volume of 15,707,297 shares. The stock had previously closed at $25.40.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Craig Hallum raised their price objective on IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. The Goldman Sachs Group boosted their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. DA Davidson reduced their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday. Needham & Company LLC reissued a "buy" rating and issued a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. Finally, Benchmark restated a "buy" rating and set a $45.00 price target on shares of IonQ in a research report on Monday, March 31st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $41.80.

IonQ Stock Performance

The firm has a market capitalization of $5.75 billion, a PE ratio of -31.87 and a beta of 2.50. The company's 50-day moving average price is $25.76 and its 200-day moving average price is $28.66.

Insiders Place Their Bets

In related news, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares of the company's stock, valued at $17,539,550.70. This trade represents a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction on 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 completion of the transaction, the insider now owns 414,363 shares in the company, valued at approximately $7,756,875.36. This trade represents a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Pathway Financial Advisers LLC acquired a new position in IonQ during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC raised its position in IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after acquiring an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. purchased a new stake in shares of IonQ during the 4th quarter worth $27,000. TD Waterhouse Canada Inc. acquired a new position in shares of IonQ during the 4th quarter worth $33,000. Finally, Golden State Wealth Management LLC purchased a new stake in IonQ in the 4th quarter worth approximately $34,000. 41.42% of the stock is currently 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.