IonQ (NYSE:IONQ) Shares Down 3.4% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price was down 3.4% on Monday . The company traded as low as $25.89 and last traded at $26.5810. Approximately 18,539,328 shares traded hands during trading, a decline of 12% from the average daily volume of 21,110,869 shares. The stock had previously closed at $27.51.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IONQ. Wall Street Zen upgraded IonQ from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Cantor Fitzgerald restated an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Benchmark reduced their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a report on Thursday, January 22nd. Finally, Wedbush assumed coverage on IonQ in a research report on Wednesday, December 17th. They set an “outperform” rating and a $60.00 target price for the company. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $69.45.

IonQ Stock Performance

The business’s fifty day moving average price is $36.52 and its two-hundred day moving average price is $49.37. The stock has a market capitalization of $9.75 billion, a P/E ratio of -10.68 and a beta of 2.61.

Insiders Place Their Bets

In other IonQ news, insider Robert T. Cardillo sold 5,165 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total transaction of $203,707.60. Following the sale, the insider directly owned 112,291 shares of the company’s stock, valued at $4,428,757.04. The trade was a 4.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William J. Teuber, Jr. acquired 3,000 shares of the firm’s stock in a transaction on Friday, February 27th. The shares were bought at an average price of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the transaction, the director owned 9,413 shares of the company’s stock, valued at approximately $361,270.94. This trade represents a 46.78% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 8,581 shares of company stock valued at $316,156 over the last ninety days. 5.20% of the stock is owned by insiders.

Institutional Trading of IonQ

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of IonQ by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after acquiring an additional 5,420,037 shares during the last quarter. Norges Bank bought a new position in IonQ during the 4th quarter valued at about $199,753,000. Marex Group plc grew its holdings in IonQ by 419.1% during the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after purchasing an additional 3,296,866 shares during the last quarter. State Street Corp raised its position in IonQ by 42.3% in the 4th quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after purchasing an additional 2,663,230 shares during the period. Finally, Clear Street Group Inc. raised its position in IonQ by 219.6% in the 4th quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company’s stock worth $143,396,000 after purchasing an additional 2,196,017 shares during the period. 41.42% of the stock is currently owned by institutional investors.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.