IonQ (NYSE:IONQ) Trading 0.1% Higher – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) rose 0.1% during trading on Thursday . The stock traded as high as $25.20 and last traded at $24.83. Approximately 6,501,364 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 14,847,482 shares. The stock had previously closed at $24.80.

Analyst Ratings Changes

Several research analysts have commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. Benchmark dropped their price target on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. DA Davidson raised IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Craig Hallum increased 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. Finally, The Goldman Sachs Group raised their target price on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Stock Down 3.0 %

The company has a market capitalization of $5.36 billion, a P/E ratio of -29.70 and a beta of 2.50. The company has a 50 day simple moving average of $32.03 and a two-hundred day simple moving average of $26.80.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 1,407 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were 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 owns 592,615 shares of the company’s stock, valued at $12,563,438. This trade represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William F. Scannell bought 93,066 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the purchase, the director now owns 135,047 shares of the company’s stock, valued at approximately $2,945,375.07. The trade was a 221.69 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

A number of large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its position in shares of IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after purchasing an additional 2,293,231 shares during the last quarter. Chevy Chase Trust Holdings LLC bought a new stake in IonQ during the 4th quarter valued at about $32,060,000. Ameriprise Financial Inc. purchased a new stake in IonQ in the 4th quarter valued at about $29,519,000. Arrowstreet Capital Limited Partnership bought a new position in IonQ in the 4th quarter worth about $29,513,000. Finally, Invesco Ltd. increased its position in shares of IonQ by 439.3% during the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock worth $35,800,000 after acquiring an additional 698,146 shares during the period. 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.