IonQ (NYSE:IONQ) Shares Down 0.9% - Here's What Happened

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded down 0.9% during mid-day trading on Thursday . The company traded as low as $37.51 and last traded at $37.65. 5,497,010 shares were traded during mid-day trading, a decline of 81% from the average session volume of 29,254,494 shares. The stock had previously closed at $38.00.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Benchmark lifted their target price on shares of IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Needham & Company LLC lifted their target price on shares of IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. The Goldman Sachs Group lifted their target price 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. DA Davidson assumed coverage on shares of IonQ in a research note on Thursday, December 19th. They issued a "buy" rating and a $50.00 target price for the company. Finally, Craig Hallum lifted their target price on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, IonQ presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

IonQ Stock Performance

The firm's 50-day moving average is $39.69 and its two-hundred day moving average is $23.20. The stock has a market cap of $8.11 billion, a P/E ratio of -46.26 and a beta of 2.40.

Insider Buying and Selling

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now owns 414,363 shares of the company's stock, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the sale, the executive now directly owns 571,321 shares of the company's stock, valued at $16,985,373.33. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,223 shares of company stock worth $1,314,652 in the last quarter. Insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company's stock worth $14,107,000 after acquiring an additional 135,851 shares during the period. Yong Rong HK Asset Management Ltd acquired a new position in shares of IonQ in the 3rd quarter valued at $3,749,000. Rockefeller Capital Management L.P. grew its holdings in shares of IonQ by 34.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company's stock valued at $3,825,000 after buying an additional 111,435 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of IonQ in the 3rd quarter valued at $1,631,000. Finally, Prospera Financial Services Inc grew its holdings in shares of IonQ by 196.1% in the 3rd quarter. Prospera Financial Services Inc now owns 38,508 shares of the company's stock valued at $337,000 after buying an additional 25,502 shares during the period. Institutional investors and hedge funds own 41.42% of the company's stock.

About IonQ

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.