IonQ (NYSE:IONQ) Shares Down 7.8% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) were down 7.8% during mid-day trading on Tuesday . The company traded as low as $20.84 and last traded at $21.30. Approximately 8,744,256 shares traded hands during trading, a decline of 37% from the average daily volume of 13,826,509 shares. The stock had previously closed at $23.11.

Wall Street Analyst Weigh In

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

IonQ Price Performance

The stock has a market cap of $4.83 billion, a PE ratio of -27.57 and a beta of 2.40. The stock’s fifty day moving average is $38.23 and its 200-day moving average is $25.11.

Insider Activity

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock valued at $1,314,652 in the last 90 days. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Integrated Advisors Network LLC acquired a new stake in shares of IonQ in the fourth quarter valued at $316,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in IonQ by 29.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company’s stock valued at $15,146,000 after acquiring an additional 82,499 shares during the period. Voloridge Investment Management LLC acquired a new position in IonQ in the 4th quarter valued at about $7,081,000. Virtus Fund Advisers LLC purchased a new stake in IonQ during the fourth quarter worth about $42,000. Finally, Virtus Investment Advisers Inc. acquired a new stake in shares of IonQ during the fourth quarter worth about $209,000. 41.42% of the stock is currently 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.