IonQ (NYSE:IONQ) Trading Up 0.1% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) were up 0.1% on Thursday . The stock traded as high as $25.20 and last traded at $24.83. Approximately 6,501,364 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 14,847,482 shares. The stock had previously closed at $24.80.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on IONQ shares. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. The Goldman Sachs Group raised their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Benchmark dropped their target price on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Finally, Craig Hallum lifted their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. One 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 company. According to data from MarketBeat, IonQ presently has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Stock Down 3.1 %

The stock has a market cap of $5.11 billion, a P/E ratio of -28.30 and a beta of 2.50. The business’s 50-day simple moving average is $31.35 and its two-hundred day simple moving average is $26.89.

Insider Activity at IonQ

In other IonQ 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 completion of the transaction, the insider now owns 414,363 shares of the company’s stock, valued at $7,756,875.36. The trade was a 82.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction dated 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 directly owns 944,510 shares in the company, 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. In the last ninety days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. PDS Planning Inc boosted its stake in IonQ by 2.6% during the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company’s stock valued at $494,000 after buying an additional 300 shares during the period. Mariner LLC boosted its position in shares of IonQ by 0.6% during the 4th quarter. Mariner LLC now owns 54,479 shares of the company’s stock valued at $2,276,000 after acquiring an additional 350 shares during the last quarter. Allworth Financial LP grew its holdings in shares of IonQ by 15.2% during the fourth quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock worth $116,000 after purchasing an additional 363 shares in the last quarter. GAMMA Investing LLC increased its position in shares of IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after purchasing an additional 480 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other 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.