IonQ (NYSE:IONQ) Shares Down 2.1% - What's Next?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) were down 2.1% during trading on Tuesday . The company traded as low as $25.13 and last traded at $25.57. Approximately 6,594,647 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 14,730,073 shares. The stock had previously closed at $26.12.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. 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. DA Davidson upgraded IonQ to a "strong-buy" rating in a research report on Thursday, February 20th. Finally, Benchmark lowered 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. One 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 company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $44.80.

IonQ Price Performance

The firm has a market capitalization of $5.08 billion, a P/E ratio of -28.11 and a beta of 2.50. The company has a fifty day moving average of $31.67 and a 200 day moving average of $26.78.

Remove Ads

Insider Activity

In other IonQ news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now directly owns 414,363 shares in the company, valued at approximately $7,756,875.36. The trade was a 82.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $217,491.84. Following the transaction, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. The trade was a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, 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 Trading of IonQ

Several large investors have recently made changes to their positions in IONQ. Intech Investment Management LLC bought a new stake in shares of IonQ during the third quarter valued at approximately $381,000. Charles Schwab Investment Management Inc. increased its stake 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 valued at $14,107,000 after purchasing an additional 135,851 shares in the last quarter. D.A. Davidson & CO. lifted its stake in shares of IonQ by 15.6% in the third quarter. D.A. Davidson & CO. now owns 94,568 shares of the company's stock valued at $827,000 after buying an additional 12,788 shares in the last quarter. FMR LLC grew its holdings in shares of IonQ by 7.2% during the third quarter. FMR LLC now owns 612,625 shares of the company's stock valued at $5,354,000 after buying an additional 41,125 shares during the last quarter. Finally, Rockefeller Capital Management L.P. increased its position 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 worth $3,825,000 after acquiring an additional 111,435 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.