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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on IONQ shares. Needham & Company LLC upped their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Benchmark upped their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday. Finally, Craig Hallum increased their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $33.00.

IonQ Trading Down 6.0 %

The firm has a market cap of $6.87 billion, a PE ratio of -39.18 and a beta of 2.40. The firm has a fifty day simple moving average of $39.89 and a two-hundred day simple moving average of $24.14.

Insider Transactions at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction that occurred 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 approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,223 shares of company stock valued at $1,314,652. Corporate insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the last quarter. Chevy Chase Trust Holdings LLC purchased a new position in shares of IonQ in the 4th quarter worth $32,060,000. Ameriprise Financial Inc. purchased a new position in shares of IonQ in the 4th quarter worth $29,519,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of IonQ in the 4th quarter worth $29,513,000. Finally, Invesco Ltd. boosted its stake in shares of IonQ by 439.3% in the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock worth $35,800,000 after buying an additional 698,146 shares during the last quarter. 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.