IonQ (NYSE:IONQ) Shares Up 1% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares traded up 1% on Wednesday . The stock traded as high as $24.12 and last traded at $22.91. 7,580,384 shares changed hands during trading, a decline of 47% from the average session volume of 14,376,736 shares. The stock had previously closed at $22.68.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. DA Davidson raised IonQ to a "strong-buy" rating in a research note on Thursday, February 20th. Benchmark reduced their target price on IonQ from $50.00 to $45.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Craig Hallum increased their target price on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a report on Friday, December 20th. The Goldman Sachs Group increased their price objective on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 10th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. One investment 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 company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $44.80.

IonQ Price Performance

The company has a fifty day simple moving average of $32.43 and a two-hundred day simple moving average of $26.27. The company has a market capitalization of $4.96 billion, a P/E ratio of -27.47 and a beta of 2.50.

Remove Ads

Insider Activity

In related news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares of the company's stock, valued at $7,756,875.36. This trade represents a 82.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the firm's stock in a transaction dated 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of IonQ by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company's stock valued at $892,797,000 after acquiring an additional 125,144 shares during the last quarter. Geode Capital Management LLC raised its position in shares of IonQ by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock valued at $186,593,000 after acquiring an additional 45,942 shares during the last quarter. State Street Corp boosted its position in shares of IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company's stock worth $37,240,000 after purchasing an additional 75,596 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after purchasing an additional 2,293,231 shares during the period. Finally, Northern Trust Corp grew its stake in shares of IonQ by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock worth $80,809,000 after purchasing an additional 216,752 shares during the period. Institutional investors 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.