IonQ (NYSE:IONQ) Trading Down 6.5% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price was down 6.5% during mid-day trading on Tuesday . The company traded as low as $22.79 and last traded at $23.30. Approximately 8,153,730 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 14,317,611 shares. The stock had previously closed at $24.93.

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of research reports. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. Craig Hallum upped their price target on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. The Goldman Sachs Group lifted their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 10th. Benchmark dropped their target price on shares of 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 shares of IonQ to a "strong-buy" rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $44.80.

IonQ Stock Performance

The stock has a 50 day moving average of $32.64 and a 200 day moving average of $26.17. The stock has a market capitalization of $4.96 billion, a P/E ratio of -27.47 and a beta of 2.50.

Remove Ads

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 1,407 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the executive now directly owns 592,615 shares in the company, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William F. Scannell bought 93,066 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the transaction, the director now owns 135,047 shares in the company, valued at $2,945,375.07. This trade represents a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders 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 institutional investors and hedge funds have recently modified their holdings of IONQ. Charles Schwab Investment Management Inc. grew its position in IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company's stock valued at $14,107,000 after buying an additional 135,851 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of IonQ by 34.2% during the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company's stock valued at $3,825,000 after acquiring an additional 111,435 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in IonQ in the third quarter worth approximately $1,631,000. Prospera Financial Services Inc boosted its stake in IonQ by 196.1% during the 3rd quarter. Prospera Financial Services Inc now owns 38,508 shares of the company's stock valued at $337,000 after purchasing an additional 25,502 shares in the last quarter. Finally, State Street Corp increased its position in shares of IonQ by 1.8% during the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company's stock valued at $37,240,000 after purchasing an additional 75,596 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.