IonQ (NYSE:IONQ) Trading Down 1.7% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price dropped 1.7% on Thursday . The company traded as low as $32.84 and last traded at $33.56. Approximately 6,755,606 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 27,658,617 shares. The stock had previously closed at $34.14.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IONQ. Craig Hallum lifted their price target on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. The Goldman Sachs Group boosted their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. DA Davidson began coverage on shares of IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target on the stock. Benchmark boosted their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Stock Down 1.1 %

The firm has a 50-day simple moving average of $39.86 and a 200 day simple moving average of $23.78. The company has a market cap of $7.31 billion, a price-to-earnings ratio of -41.62 and a beta of 2.40.

Insider Activity

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

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently made changes to their positions in IONQ. PDS Planning Inc increased its holdings in IonQ by 2.6% in 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 in the last quarter. Mariner LLC grew its holdings in shares of IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company’s stock worth $2,276,000 after acquiring an additional 350 shares during the period. Allworth Financial LP increased its stake in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock valued at $116,000 after purchasing an additional 363 shares in the last quarter. GAMMA Investing LLC raised its holdings in IonQ by 73.2% during 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 boosted its position in 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 purchasing an additional 501 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.