IonQ (NYSE:IONQ) Trading Down 1% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) were down 1% during trading on Wednesday . The stock traded as low as $25.02 and last traded at $25.29. Approximately 18,077,314 shares traded hands during trading, an increase of 22% from the average daily volume of 14,767,807 shares. The stock had previously closed at $25.55.

Analyst Ratings Changes

Several research analysts recently commented on IONQ shares. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. DA Davidson upgraded IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. The Goldman Sachs Group increased 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. Craig Hallum upped their price target on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Benchmark reduced their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $44.80.

IonQ Trading Down 3.1 %

The firm has a fifty day simple moving average of $31.67 and a 200 day simple moving average of $26.78. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of -28.30 and a beta of 2.50.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 20,047 shares of IonQ 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 $372,272.79. Following the sale, the executive now directly owns 572,568 shares of the company’s stock, valued at approximately $10,632,587.76. The trade was a 3.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 completion of the transaction, the chief financial officer now directly owns 944,510 shares of the company’s stock, valued at approximately $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. Insiders sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last ninety days. 11.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its position in shares of 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 purchasing an additional 135,851 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings 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 buying an additional 111,435 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of IonQ during the third quarter worth approximately $1,631,000. State Street Corp raised its stake in shares of IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after acquiring an additional 75,596 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of IonQ in the 4th quarter worth approximately $3,840,000. 41.42% of the stock is owned by 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.