IonQ (NYSE:IONQ) Stock Price Down 2.7% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) were down 2.7% on Monday . The company traded as low as $30.01 and last traded at $30.87. Approximately 6,495,767 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 26,884,441 shares. The stock had previously closed at $31.74.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group upped 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. Needham & Company LLC upped their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday. Finally, Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One investment 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. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $33.00.

IonQ Price Performance

The company has a market capitalization of $6.84 billion, a price-to-earnings ratio of -38.90 and a beta of 2.40. The stock has a 50 day simple moving average of $39.89 and a two-hundred day simple moving average of $24.27.

Insider Buying and Selling

In other IonQ news, 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 transaction, the chief financial officer now owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock worth $1,314,652 over the last 90 days. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of IonQ by 29.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company’s stock valued at $15,146,000 after acquiring an additional 82,499 shares during the period. Voloridge Investment Management LLC purchased a new stake in IonQ in the 4th quarter valued at $7,081,000. Virtus Fund Advisers LLC purchased a new stake in IonQ in the 4th quarter valued at $42,000. Virtus Investment Advisers Inc. acquired a new stake in IonQ during the 4th quarter worth $209,000. Finally, Visionary Wealth Advisors purchased a new position in IonQ during the 4th quarter worth $567,000. 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.