IonQ (NYSE:IONQ) Trading Up 2.2% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) rose 2.2% on Monday . The stock traded as high as $41.44 and last traded at $41.46. Approximately 5,655,541 shares traded hands during trading, a decline of 82% from the average daily volume of 31,061,072 shares. The stock had previously closed at $40.57.

Analyst Ratings Changes

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

IonQ Trading Up 0.8 %

The company’s 50-day simple moving average is $39.56 and its 200-day simple moving average is $22.67. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of -46.91 and a beta of 2.40.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the transaction, the executive now owns 571,321 shares in the company, valued at approximately $16,985,373.33. This trade represents a 3.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 926,114 shares in the company, valued at $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 44,223 shares of company stock worth $1,314,652 over the last three months. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pathway Financial Advisers LLC acquired a new stake in IonQ in the fourth quarter worth $26,000. Smartleaf Asset Management LLC boosted its position in shares of IonQ by 421.0% during the 4th 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. Golden State Wealth Management LLC acquired a new stake in shares of IonQ in the 4th quarter valued at about $34,000. City State Bank acquired a new stake in shares of IonQ in the 4th quarter valued at about $36,000. Finally, Hemington Wealth Management bought a new stake in IonQ in the 4th quarter valued at about $37,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.