IonQ (NYSE:IONQ) Shares Down 1% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) dropped 1% on Wednesday . The company traded as low as $25.02 and last traded at $25.29. Approximately 18,077,314 shares were traded during trading, an increase of 22% from the average daily volume of 14,767,807 shares. The stock had previously closed at $25.55.

Wall Street Analyst Weigh In

IONQ has been the subject of several analyst reports. Benchmark lowered their target price on shares of IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Craig Hallum boosted 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 increased their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $44.80.

IonQ Price Performance

The stock has a market cap of $5.70 billion, a PE ratio of -31.69 and a beta of 2.50. The business has a fifty day moving average of $32.32 and a 200-day moving average of $26.81.

Insiders Place Their Bets

In related news, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the sale, the executive now directly owns 592,615 shares in the company, valued at $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the transaction, the chief financial officer now owns 944,510 shares in the company, valued at approximately $17,539,550.70. The trade was a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IonQ

Institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its position in IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after acquiring an additional 135,851 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after purchasing an additional 111,435 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in IonQ during the third quarter valued at about $1,631,000. State Street Corp grew its stake in IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after purchasing an additional 75,596 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in IonQ in the fourth quarter worth about $3,840,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.