IonQ (NYSE:IONQ) Shares Down 0.7% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded down 0.7% on Monday . The company traded as low as $24.12 and last traded at $24.83. 15,947,025 shares traded hands during trading, an increase of 12% from the average session volume of 14,287,282 shares. The stock had previously closed at $25.00.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. Craig Hallum upped their price objective on shares of 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 upped their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, January 10th. DA Davidson upgraded shares of IonQ to a "strong-buy" rating in a research report on Thursday, February 20th. Finally, Benchmark cut their price objective on shares of IonQ from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, IonQ presently has a consensus rating of "Buy" and a consensus target price of $44.80.

IonQ Stock Performance

The stock's fifty day moving average price is $32.64 and its 200-day moving average price is $26.17. The firm has a market cap of $4.72 billion, a PE ratio of -26.13 and a beta of 2.50.

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Insider Activity

In other news, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the transaction, the executive now owns 592,615 shares in the company, valued at $12,563,438. This trade represents a 0.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William F. Scannell purchased 93,066 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the acquisition, the director now directly owns 135,047 shares in the company, valued at approximately $2,945,375.07. This represents a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 2,033,166 shares of company stock worth $38,059,593 in the last 90 days. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently added to or reduced their stakes in the business. PDS Planning Inc increased its holdings in IonQ by 2.6% during the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company's stock valued at $494,000 after acquiring an additional 300 shares in the last quarter. Mariner LLC increased its holdings in IonQ by 0.6% during the 4th quarter. Mariner LLC now owns 54,479 shares of the company's stock valued at $2,276,000 after acquiring an additional 350 shares in the last quarter. Allworth Financial LP increased its holdings in IonQ by 15.2% during the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company's stock valued at $116,000 after acquiring an additional 363 shares in the last quarter. GAMMA Investing LLC increased its holdings in IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock valued at $47,000 after acquiring an additional 480 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after acquiring an additional 501 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.