IonQ (NYSE:IONQ) Trading 0.6% Higher – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares traded up 0.6% during trading on Friday . The company traded as high as $21.29 and last traded at $20.59. 5,088,084 shares traded hands during trading, a decline of 63% from the average session volume of 13,887,361 shares. The stock had previously closed at $20.48.

Analysts Set New Price Targets

A number of brokerages recently issued reports on IONQ. Craig Hallum increased their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. The Goldman Sachs Group lifted their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Benchmark reduced their target price on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. 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. Finally, DA Davidson raised IonQ to a “strong-buy” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Stock Up 1.0 %

The firm has a market capitalization of $4.48 billion, a PE ratio of -25.55 and a beta of 2.50. The firm’s 50-day simple moving average is $36.79 and its 200-day simple moving average is $25.17.

Insider Buying and Selling at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. 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 currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Pathway Financial Advisers LLC purchased a new stake in IonQ in the fourth quarter worth $26,000. Smartleaf Asset Management LLC grew its position in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after buying an additional 501 shares during the period. Measured Risk Portfolios Inc. bought a new position in shares of IonQ in the 4th quarter worth about $27,000. TD Waterhouse Canada Inc. purchased a new position in IonQ during the 4th quarter valued at about $33,000. Finally, Golden State Wealth Management LLC purchased a new position in IonQ during the 4th quarter valued at about $34,000. Institutional investors 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.