IonQ (NYSE:IONQ) Shares Down 2.2% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) fell 2.2% on Friday . The company traded as low as $32.57 and last traded at $33.02. 6,815,419 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 27,217,791 shares. The stock had previously closed at $33.75.

Analysts Set New Price Targets

Several research firms have recently commented on IONQ. Needham & Company LLC increased their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark raised their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum lifted their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. The Goldman Sachs Group lifted their target price on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Finally, DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, IonQ currently has a consensus rating of “Buy” and an average price target of $33.00.

IonQ Price Performance

The stock has a market cap of $6.85 billion, a P/E ratio of -38.79 and a beta of 2.40. The company has a fifty day moving average price of $39.93 and a 200 day moving average price of $23.85.

Insider Buying and Selling

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

Institutional Trading of IonQ

A number of institutional investors have recently added to or reduced their stakes in IONQ. Pathway Financial Advisers LLC purchased a new stake in shares of IonQ in the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC raised its holdings in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after acquiring an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. purchased a new stake in shares of IonQ in the 4th quarter valued at about $27,000. TD Waterhouse Canada Inc. purchased a new stake in shares of IonQ in the 4th quarter valued at about $33,000. Finally, Golden State Wealth Management LLC bought a new position in shares of IonQ during the 4th quarter valued at about $34,000. Hedge funds and other 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.