IonQ (NYSE:IONQ) Stock Price Down 1.6% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price fell 1.6% during trading on Wednesday . The stock traded as low as $21.78 and last traded at $21.99. 4,961,402 shares were traded during mid-day trading, a decline of 64% from the average session volume of 13,851,795 shares. The stock had previously closed at $22.35.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IONQ shares. Craig Hallum boosted their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and issued a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. The Goldman Sachs Group boosted their target price on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Finally, Benchmark dropped their price objective 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. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, IonQ has a consensus rating of “Buy” and an average price target of $44.80.

IonQ Stock Up 1.0 %

The firm’s 50 day moving average is $36.79 and its two-hundred day moving average is $25.17. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of -25.55 and a beta of 2.50.

Insider Transactions at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the sale, the executive now owns 571,321 shares in the company, valued at $16,985,373.33. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,223 shares of company stock worth $1,314,652. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Pathway Financial Advisers LLC bought a new stake in shares of IonQ during the 4th quarter worth about $26,000. Smartleaf Asset Management LLC increased its holdings in shares of IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after buying an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in IonQ in the fourth quarter worth $27,000. TD Waterhouse Canada Inc. acquired a new stake in IonQ in the 4th quarter valued at about $33,000. Finally, Golden State Wealth Management LLC bought a new position in IonQ in the 4th quarter valued at $34,000. 41.42% of the stock is 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.