IonQ (NYSE:IONQ) Trading 8.4% Higher Following Insider Buying Activity

IonQ, Inc. (NYSE:IONQ) shares traded up 8.4% on Wednesday following insider buying activity. The company traded as high as $21.20 and last traded at $20.27. 8,496,774 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 13,933,165 shares. The stock had previously closed at $18.70.

Specifically, Director William F. Scannell purchased 93,066 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the purchase, the director now owns 135,047 shares in the company, valued at approximately $2,945,375.07. This trade represents a 221.69 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

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

IonQ Stock Performance

The stock has a market cap of $5.29 billion, a P/E ratio of -29.18 and a beta of 2.50. The firm’s 50 day moving average is $34.47 and its 200 day moving average is $25.61.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Pathway Financial Advisers LLC bought a new position in shares of IonQ during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC increased its stake in IonQ by 421.0% during the 4th 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. Measured Risk Portfolios Inc. acquired a new position in IonQ during the 4th quarter valued at approximately $27,000. TD Waterhouse Canada Inc. acquired a new position in IonQ during the 4th quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new position in IonQ during the 4th quarter valued at approximately $34,000. Institutional investors own 41.42% of the company’s stock.

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.