IonQ (NYSE:IONQ) Trading Up 15% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price rose 15% during mid-day trading on Monday . The stock traded as high as $25.64 and last traded at $25.60. Approximately 15,422,428 shares traded hands during trading, an increase of 5% from the average daily volume of 14,662,720 shares. The stock had previously closed at $22.26.

Analysts Set New Price Targets

A number of brokerages have commented on IONQ. The Goldman Sachs Group boosted their target price on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. DA Davidson raised IonQ to a "strong-buy" rating in a research note on Thursday, February 20th. Craig Hallum raised their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Benchmark decreased their target price 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. Finally, Needham & Company LLC restated a "buy" rating and set a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock 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 $32.32 and a two-hundred day moving average of $26.81. The firm has a market capitalization of $5.68 billion, a P/E ratio of -31.44 and a beta of 2.50.

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Insider Activity

In related news, 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 transaction of $217,491.84. Following the completion of the sale, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. This represents a 1.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William F. Scannell bought 93,066 shares of the stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $21.81 per share, for a total transaction 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. The trade was a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last 90 days. 11.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in IonQ by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company's stock worth $892,797,000 after acquiring an additional 125,144 shares during the period. Geode Capital Management LLC grew its position in IonQ by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock worth $186,593,000 after purchasing an additional 45,942 shares during the last quarter. State Street Corp increased its holdings 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 worth $37,240,000 after purchasing an additional 75,596 shares during the period. JPMorgan Chase & Co. raised its position 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 valued at $103,095,000 after buying an additional 2,293,231 shares during the last quarter. Finally, Northern Trust Corp raised its position 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 valued at $80,809,000 after buying an additional 216,752 shares during 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.