IonQ (NYSE:IONQ) Trading Up 2.3% – Here’s Why

IonQ, Inc. (NYSE:IONQ) was up 2.3% during mid-day trading on Friday . The company traded as high as $46.31 and last traded at $46.1780. Approximately 20,399,054 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 24,183,008 shares. The stock had previously closed at $45.12.

Wall Street Analyst Weigh In

A number of analysts have issued reports on IONQ shares. Benchmark cut their price objective on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. JPMorgan Chase & Co. cut their price objective on shares of IonQ from $47.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, February 26th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of IonQ in a report on Thursday, February 26th. Wall Street Zen raised shares of IonQ from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a report on Tuesday, April 21st. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and an average target price of $68.25.

IonQ Stock Performance

The stock’s fifty day moving average price is $35.35 and its two-hundred day moving average price is $44.45. The company has a market cap of $16.93 billion, a P/E ratio of -18.55 and a beta of 2.80.

Insider Transactions at IonQ

In other news, insider Robert T. Cardillo sold 5,165 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the completion of the sale, the insider owned 112,291 shares of the company’s stock, valued at approximately $4,428,757.04. This represents a 4.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the sale, the insider directly owned 83,963 shares of the company’s stock, valued at approximately $2,799,326.42. This trade represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 8,581 shares of company stock valued at $316,156. Company insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors have recently added to or reduced their stakes in the stock. Stone House Investment Management LLC increased its position in IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after purchasing an additional 350 shares in the last quarter. Ameriflex Group Inc. increased its position in IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after purchasing an additional 340 shares in the last quarter. Financial Consulate Inc. acquired a new position in IonQ during the 3rd quarter worth approximately $29,000. UMB Bank n.a. acquired a new position in IonQ during the 3rd quarter worth approximately $31,000. Finally, Beaird Harris Wealth Management LLC increased its position in IonQ by 117.4% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after purchasing an additional 270 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.